A firms profit function for the production of two goods is given by Find the output levels

Question:

A firm’s profit function for the production of two goods is given by
Find the output levels needed to maximise profit. Use second-order derivatives to confirm that the stationary point is a maximum.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Mathematics for Economics and Business

ISBN: 978-1292191669

9th edition

Authors: Ian Jacques

See More Books

Question Posted: Apr 18, 2019 09:37 AM

See More Questions

(a) Form the profit function for the cost and revenue functions in Problem 4, and find the maximum profit. In problem 4, If total costs are C(x) = 1600 + 1500x and total revenues are R(x) = 1600x -...
In Exercises 1-4, write the profit function for the given expense and revenue functions. 1. E = -20,000p + 90,000 R = -2,170p2 + 87,000p 2. E = -6,500p + 300,000 R = -720p2 + 19,000p 3. E = -2,500p +...
(a) Form the profit function for the cost and revenue functions in Problem 3, and find the maximum profit. In problem 3, If a company has total costs C(x) = 15,000 + 35x + 0.1x2 and total revenues...
Hansel Electronics has the following: If Hansel has 7,000 units on hand at December 31, the cost of ending inventory under the average-cost method is: (a) $84,000. (b) $70,000. (c) $56,000. (d)...
A gas mixture of 4 kg of O2, 6 kg of N2, and 8 kg of CO2 is contained at a pressure of 120 kPa and 20 8 C in a rigid container. Calculate: i) The mass fraction of each component ii) The mole fraction...
Rojas Corporations comparative balance sheets are presented below. Additional information: 1. Net income was $22,630. Dividends declared and paid were $19,500. 2. No noncash investing and financing...
In a 1975 contract, Eureka was given the exclusive right to sell spring water and other products under the Ozarka trade name in 60 Oklahoma counties in exchange for $$9,000$ paid to Arrowhead,...
The comparative balance sheet of Rowe Products Inc. for December 31, 2013 and 2012, is as follows: The income statement for the year ended December 31, 2012, is as follows: The following additional...
Are Suppliers Partners, Friends, or Enemies? Barbara Nellis and Sandy Watson have just given one another a high five. Close friends and neighbors for several years now, they each recently sent their...
Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 Account number Debit Credit Money 11 22,100 accounts receivable 12 3,400 supplies 14 1,350 prepaid rent 15 3,200 prepaid insurance sixteen...
Find and classify the stationary points of the following functions: (a) f (x, y) = x 3 + y 3 3x 3y (b) f (x, y) = x 3 + 3xy 2 3x 2 3y 2 + 10
A perfectly competitive producer sells two goods, G 1 and G 2 , at $70 and $50, respectively. The total cost of producing these goods is given by where Q 1 and Q 2 denote the output levels of G 1 and...
Sentry, Inc. was started on January 1, Year 1. Year 1 Transactions 1. Acquired $20,000 cash by issuing common stock. 2. Earned $62,000 of revenue on account. 3. On October 1, Year 1, borrowed $12,000...
Problem Suppose that the risk free rate is 8%. However as a small investor you can invest money at 7/ only and borrow at 10%. Does either of the strategies on the proof of the last theorem discussed...
Carlos is an English born man. Every year, he visits Australia for about 3 months, and catches up with his Australian relatives and friends, and checks on his Australian property investments. During...
Explain the importance of Taxation as to why the Government needs to collect taxes and why do the people need to pay taxes to the Government
In 2018, Mr. Jones a Landscape Co. Owner traded: Concrete ready mix truck and general purpose truck used in the business to Ms. Susie who is a truck dealer. For an Ore truck and a general purpose...
Consider a 3-month put (European) on a stock with K = $20. Over the next 3 months the stock is expected to either rise by 10% or drop by 10%. The risk-free rate is 5%. Current stock price is 20. a....
A bunch of grapes is placed in a spring scale at a supermarket. The grapes oscillate up and down with a period of 0.48 s, and the spring in the scale has a force constant of 650 N/m. What are (a) The...
Repeat the previous problem, but close the positions on September 20. Use the spreadsheet to find the profits for the possible stock prices on September 20. Generate a graph and use it to identify...
In Problem use the following graph of a function f to determine x or y to the nearest integer, as indicated. Some problems may have more than one answer. f(x) = 4 f(x) y = f(x) 10 5 -10 10 -5 - 10
In Problem discuss the validity of each statement. If the statement is always true, explain why. If not, give a counterexample. If f is one-to-one, then the domain of f is equal to the range of f.
In Problem use interval notation to write the solution set of the inequality. x 2 + 7x + 12 0
Explain the three principles underlying modern labour law?
For job applicants, what are the limitations of labour law protections against discriminatory hiring decisions?
Why are nurses and doctors important to Canadian labour law?

A firms profit function for the production of two goods is given by Find the output levels

Question:

24Q, - Qi – Q,02 – 20; + 33Q, – 43

Step by Step Answer:

At a stationary point 24299020024 201 Q40 3...View the full answer

Mathematics for Economics and Business

Students also viewed these Mathematics questions