2. A firm producing two goods, x and y, has the cost function given by 1 1 x? – 10x + 100 y3 – 9y + 20,600 C(x,y) = ; 300 a. Find the cost minimizing level of output for each of the two goods. b. Check to be sure cost is minimized. c. Find the corresponding cost.

Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 17EQ
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2. A firm producing two goods, x and y, has the cost function given by
1
x2
100
1
C(x, y)
y3 – 9y + 20,600
300
10х +
а.
Find the cost minimizing level of output for each of the two goods.
b. Check to be sure cost is minimized.
С.
Find the corresponding cost.
Transcribed Image Text:2. A firm producing two goods, x and y, has the cost function given by 1 x2 100 1 C(x, y) y3 – 9y + 20,600 300 10х + а. Find the cost minimizing level of output for each of the two goods. b. Check to be sure cost is minimized. С. Find the corresponding cost.
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