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A producer of two goods G1 and G2, has a total cost function TC = 5Q1+ 10Q2, where Q1 and Q2 denote the quantities
A producer of two goods G1 and G2, has a total cost function TC = 5Q1+ 10Q2, where Q1 and Q2 denote the quantities of G1 and G2, respectively. If P1 and P2 denote the corresponding prices, then the demand equations are P1= 50 Q1 Q2, P2 = 100 Q1 4Q2. - a) Find the maximum profit. b) Find the maximum profit if the firm's total cost is fixed at $100.
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Mathematics for Economics and Business
Authors: Ian Jacques
9th edition
129219166X, 9781292191706 , 978-1292191669
