A company produces two products in the amount x andy and the respective prices Px and Px. The two prices are given to be Px=48-x-y Py = 60-x-2y If the unit cost of producing the first product is 8 and that of producing the second is 4, what are the production levels x and y that maximize profit? Prove that profit is indeed maximized.

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter12: Algebra Of Matrices
Section12.CR: Review Problem Set
Problem 37CR
icon
Related questions
Question
A company produces two products in the amount x andy and the respective prices
Px and Px. The two prices are given to be
Px = 48-x-y
Py = 60 - x - 2y
If the unit cost of producing the first product is 8 and that of producing the second
is 4, what are the production levels x and y that maximize profit? Prove that profit
is indeed maximized.
Transcribed Image Text:A company produces two products in the amount x andy and the respective prices Px and Px. The two prices are given to be Px = 48-x-y Py = 60 - x - 2y If the unit cost of producing the first product is 8 and that of producing the second is 4, what are the production levels x and y that maximize profit? Prove that profit is indeed maximized.
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell