A company operates two plants which manufacture the same item and whose total cost functions are C
Question:
A company operates two plants which manufacture the same item and whose total cost functions are
C1 = 8.5 + 0.03q21 and C2 = 5.2 + 0.04q22,
where q1 and q2 are the quantities produced by each plant. The company is a monopoly. The total quantity demanded, q = q1 + q2, is related to the price, p, by
p = 60 − 0.04q.
How much should each plant produce in order to maximize the company’s profit?
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The total revenue is R pq 60 004qq 60q 004q 2 and as q q 1 q 2 th...View the full answer
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Related Book For 
Applied Calculus
ISBN: 9781119275565
6th Edition
Authors: Deborah Hughes Hallett, Patti Frazer Lock, Andrew M. Gleason, Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, William G. McCallum, Brad G. Osgood, Andrew Pasquale
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