Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 8 To fill an order for 100 units of its product, a firm wishes to distribute production between its two factories, factory 1

image text in transcribed

Question 8 To fill an order for 100 units of its product, a firm wishes to distribute production between its two factories, factory 1 and factory 2. The total cost function is given by: where 91 C= f(992)=0.1q,+7q, +15q2 +1000 and q2 are the numbers of units produced at factory 1 and factory 2, respectively. Based on the above scenario: a. State the constraint function. b. Give three examples of business constraint. C. [1 mark] [3 marks] Find the optimal outputs to be produced for factory 1 and factory 2 by utilizing the Langrage Multipliers Method. [6 marks]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Walter Harrison, Charles Horngren, William Thomas

10th edition

133796833, 133427536, 9780133796834, 978-0133427530

More Books

Students also viewed these Accounting questions

Question

What is a lobbyist in US? How did this term emerge?

Answered: 1 week ago