3. Firm is producing three goods chair (C), table (t) and sofa (S) with processed woods....

 

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3. Firm is producing three goods chair (C), table (t) and sofa (S) with processed woods. Demand Function for chair C=200-6Pc+2Pt-2Ps, demand function for table T=360+2Pc-8Pt+4Ps and demand function for sofa S=400+4Pc+2Pt-10PS where total cost TC=2C2 + 4T2 + 252 + 2CT + 2T'S + 2CS Optimize the profit function using Hessian. Where C, T, and S represents quantity of chair, table and sofa and Pc, Pt, Ps represents the respective price of them. 3. Firm is producing three goods chair (C), table (t) and sofa (S) with processed woods. Demand Function for chair C=200-6Pc+2Pt-2Ps, demand function for table T=360+2Pc-8Pt+4Ps and demand function for sofa S=400+4Pc+2Pt-10PS where total cost TC=2C2 + 4T2 + 252 + 2CT + 2T'S + 2CS Optimize the profit function using Hessian. Where C, T, and S represents quantity of chair, table and sofa and Pc, Pt, Ps represents the respective price of them.

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