A firm produces two outputs X1 and X2 with the following linear demand Functions:
P1=88.57-0.71Q1-0.14Q2 and P2= 77.14-0.29Q1-0.043Q2
If the firms total cost function is: TC(Q)= 50+10Q1+20Q2
(A) Form the profit Function (b) Find the profit maximizing level of output and the price for each product (c) evaluate the Second order condition
could someone please help me?
Thank You
P.s 10 points
P1=88.57-0.71Q1-0.14Q2 and P2= 77.14-0.29Q1-0.043Q2
If the firms total cost function is: TC(Q)= 50+10Q1+20Q2
(A) Form the profit Function (b) Find the profit maximizing level of output and the price for each product (c) evaluate the Second order condition
could someone please help me?
Thank You
P.s 10 points