Consider the profit getting from selling x and y units of two commodities is given by as follows: i. P(x, y) = −0.1x2 - 0.2xy - 0.2y2 + 47x + 48y - 600. Find out the production levels for x and y that maximizes the profit. ii. Now assume that the total production is limited to 200 units. Find out the production levels that maximizes the profits

Economics For Today
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ISBN:9781337613040
Author:Tucker
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Chapter14: Environmental Economics
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Consider the profit getting from selling x and y units of two commodities is
given by as follows:

i. P(x, y) = −0.1x2 - 0.2xy - 0.2y2 + 47x + 48y - 600. Find out the
production levels for x and y that maximizes the profit.

ii. Now assume that the total production is limited to 200 units. Find out the
production levels that maximizes the profits. 

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