Question: 6. Let px = 120 - 2x - 2y and py = 190 - 5y + 3x be the inverted demand functions in the

6. Let px = 120 - 2x - 2y and py =

6. Let px = 120 - 2x - 2y and py = 190 - 5y + 3x be the inverted demand functions in the two markets. The total cost of production is given by 20(x+y). How much should they produce of each good to maximize the joint profit? 7. The inverse demand functions px = 60 -0.3X -0.025Y and py = 70 - 0.025X -0.15Y show the market behaviour of two different products sold by a firm. The items are produced with the cost functions being given by TCx = 30X - 0.2X2 and TCy=45Y -0.1Y2. If they wanted to maximize total profit, what should they produce of each good?

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