2. A firm produces two goods in pure ompetition & has the pllowing TR & TC functions R= 15Q 1 +18Q 2

Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 2EQ: 2. Suppose that in Example 2.27, 400 units of food A, 500 units of B, and 600 units of C are placed...
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12. A firm produces two goods in pure
competition & has the
following TR & TC functions
TR= 15Q 1 +18Q 2
TC= 2 Q12 +2 Q 1 Q 2 + 3 Q 2 2
a) Find the profits of the 2 goods using
crammers rule
b) Use the Hessian to test Whether Profit
has been
maximized.
Transcribed Image Text:12. A firm produces two goods in pure competition & has the following TR & TC functions TR= 15Q 1 +18Q 2 TC= 2 Q12 +2 Q 1 Q 2 + 3 Q 2 2 a) Find the profits of the 2 goods using crammers rule b) Use the Hessian to test Whether Profit has been maximized.
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