John provides cheese (H) and milk (M) to the market with the following total cost function C(H,
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John provides cheese (H) and milk (M) to the market with the following total cost function C(H, M) = 8 + 0.5H2 + 0.1M2. The prices of cheese and milk in the market are $3 and $4 respectively. Assume that the cheese and milk markets are perfectly competitive. What output of milk maximizes profits? What output of milk maximizes profits?
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