Question: 10.2 Determine Harrys maximum proit on cement. Graph these results and label Harrys supply curve. Universal Widget produces high-quality widgets at its plant in Johannesburg,

10.2 Determine Harry’s maximum proit on cement.

Graph these results and label Harry’s supply curve.

Universal Widget produces high-quality widgets at its plant in Johannesburg, South Africa for sale throughout the world.

The cost function for total widget production (q) is given by TC = 0.1q 2 + 100.

Widgets are demanded only in Austria (where the demand curve is given by qA = 50 − 2PA) and Lesotho (where the demand curve is given by qL = 75 − 3PL). Total demand equals q = qA + qL. If Universal Widget can control the quantities supplied to each market, how many should it sell in each location to maximise total profits? What price will be charged in each location? What is the total profit that Universal Widget can generate?

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