Question
Questions 1-5 relate to the following demand curves for a firm that produces two goods: p1=100-q1 and p2=200-q2. The firm's cost function is C (q1,q2)=q1^2-q1q2+q2^2+100.
Questions 1-5 relate to the following demand curves for a firm that produces two goods: p1=100-q1 and p2=200-q2. The firm's cost function is C (q1,q2)=q1^2-q1q2+q2^2+100. What is the profit-maximizing value of q1?
Q2: What is the profit-maximizing value of q2?
Q3: What is the value of the second derivative with respect to q1 at the solution?
Q4: What is the value of the second derivative with respect to q2 at the solution?
Q5: What is the optimized value of profit? (Do not include any dollar signs.)
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Labor Economics
Authors: George J. Borjas
6th edition
73523208, 2900073523209 , 978-0073523200
