4. Boxowitz, Inc., a computer firm, markets two kinds of calculators that compete with one another. Their demand functions are expressed by the following relationships: 91 64 4p₁ - 2P2 = and - 92 56 2p1 - 4P2. where p₁ and p2 are the prices of the calculators, in multiples of $10 (this information can be skipped, it is needed only to the answer), and q1 and q2 are the quantities of the calculators demanded, in hundreds of units. What prices p₁ and P2 should be charged for each product in order to maximize total revenue? What is the maximum total revenue?
4. Boxowitz, Inc., a computer firm, markets two kinds of calculators that compete with one another. Their demand functions are expressed by the following relationships: 91 64 4p₁ - 2P2 = and - 92 56 2p1 - 4P2. where p₁ and p2 are the prices of the calculators, in multiples of $10 (this information can be skipped, it is needed only to the answer), and q1 and q2 are the quantities of the calculators demanded, in hundreds of units. What prices p₁ and P2 should be charged for each product in order to maximize total revenue? What is the maximum total revenue?
Chapter2: Mathematics For Microeconomics
Section: Chapter Questions
Problem 2.13P
Related questions
Question
Provide step by step solution with calculations for only task number 4
Transcribed Image Text:Variant 4 (extra).
1. Find the partial derivatives of:
=(x,y)=9sin.x-5x²y³ +7+ ycosx+e³
2.
Given z(x, y) = x².3√/y+ex-y +. find
5
3. Find the local extrema of the given function
z(x,y)= x³ - 8y³ -12xy + 18
0³ =
ôxôy?
4.
Boxowitz, Inc., a computer firm, markets two kinds of calculators
that compete with one another. Their demand functions are expressed by the
following relationships:
91 = 64 4p1 - 2P2
and
92 56 2p1 - 4P2.
where p₁ and p2 are the prices of the calculators, in multiples of $10 (this
information can be skipped, it is needed only to the answer), and q1 and q2 are the
quantities of the calculators demanded, in hundreds of units. What prices p₁ and
p2 should be charged for each product in order to maximize total revenue? What
is the maximum total revenue?
5. The golf ball manufacturer, Pro-T, has developed a profit model that
depends on the number x of golf balls sold per month (measured in thousands),
and the number of hours per month of advertising y, according to the function
P= f(x, y) = 48x +96y-x² - 2xy - 9y²,
where P is measured in thousands of dollars. The budgetary constraint function
relating the cost of the production of thousands golf balls and advertising units
is given by 20x + 4y = 216. Find the values of x and y that maximize profit, and
find the maximum profit.
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