Question: A firm has a total revenue function based on producing two goods represented by the following equation. TR=6Q1 210Q2 2 +300Q1+380Q2 The firm also has

A firm has a total revenue function based on producing two goods represented by the following equation. TR=6Q1 210Q2 2 +300Q1+380Q2 The firm also has a variable cost of 4Q1 2 +2Q2 2 +8Q1Q2 . Regardless of how much the firm produces, they have a cost of 800. The firm also has machinery so that only 30 total units of either good can be produced in a given time period. Using calculus, what is the quantity of each good that should be produced to maximize profits? Verify using calculus that it is indeed a maximum.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

A firm has a total revenue function based on producing two goods represented by the following equation. TR=-6Q12-10Q22+300Q1+380Q2 The firm also has a variable cost of 4Q12+2Q22+8Q1Q2 . Regardless of...

1.A firm has a total revenue function based on producing two goods represented by the following equation. The firm also has a variable cost of . Regardless of how much the firm produces, they have a...

Hi, you will find the instructions in the attached file, thank you, Using the regression results and the other computations from Assignment 1, determine the market structure in which the low-calorie...

....help me Practice Questions / Intermediate Microeconomics Exam #3 1 . A firm sells books to members of two distinct clubs that are isolated from each other. Club #1's inverse demand curve is: P1 =...

A.. 1.On the market for widgets, the maximum price anyone is willing to pay is $100 (quantity demanded is zero at a higher price). The equilibrium price is $80 and the equilibrium quantity is 442....

answers shd be only handwritten Hassan and Dana had bought a property valued at $1,225,000 for 20% down and a mortgage amortized over 25 years on March 1, 2018. They made equal end-of-month payments...

Simple Linear Romanian Brey's Accounting & Tax Services is a small accounting fim in Sioux City, I which completes taxes for individuals. Hvery yow, firms like Bret's decide how much they will charge...

It is Snapchat A which is found in your course pack. You are to turn in an excel a) excel spreadsheet with formulas for calculations. The spreadsheet should show cash flow, WACC calculation, firm...

123 Compare the purely graphical properties of these two notations, and the ways in which the graphical properties of each display correspond to the information structure being defined. Describe...

,,, kindly solve A B C D E 1 2 Milestone One - Variable and Fixed Costs Collars 7 Item Variable Cost/Item Item Fixed Costs 9 High-tensile strength nylon webbing 4.00 Collar maker's salary (monthly)...

140 Today is the trade date. The trade date is Monday, October 10, 1994. The following table summarizes the relevant information for three securities: Issuer Coupon Yield US Treasury 10% Philadelphia...

One of Sure-Bet Sherbets best-selling products is raspberry sherbet, which is manufactured in 10-gallon batches. Each batch requires six quarts of raspberries. The raspberries are sorted by hand...

Compute t , 1 ) he dot product of ( 5 , - 8 , 8 ) and ( 1 , 0 , 1 ) ( Give an exact answer. Use symbolic notation and fractions where needed ) . ( 5 , - 8 , 8 ) . ( 1 , 0 , 1 ) =

Mini-Case Is JCPenney Killing Itself with a Failed Strategy? What strategy was the new CEO at JC Penney seeking to implement given the generic strategies found in Chapter 4? (Strategic Management:...

1. I try to create an image of the message

4. I try to make them feel what I really mean (1 is related to the visionary, 2 to the logical, 3 to action and 4 to the emotional).

4. What is the goal of the others in the network?