Project #1: Parts I, II & III: The demand function for a product is p = 30 – 0.3q and the average cost function is č = 0.2q + 5 + ", where p= price, and q=quantity demand. Part IV: f(x, y) = 3x + 4y g(x, y) = x² + y² = 100 Part III In this part, we assume that the supply function is given by, p = 8 +q Find the price and the quantity at the equilibrium. Calculate the consumer surplus. Calculate the producer surplus. 10. 11. 12. Part IV If the function f(x, y) = --- is subject to the constrain g(x, y) = . a) Use Lagrangian multipliers method to find the critical points of the function f (x, y). b) Plot the function in the 3-D graph in MATLAB. You can download the trial version of Matlab using the following link: https://uk.mathworks.com/campaigns/products/trials.html?prodcode=ML

Project #1: Parts I, II & III: The demand function for a product is p = 30 – 0.3q and the average cost function is č = 0.2q + 5 + ", where p= price, and q=quantity demand. Part IV: f(x, y) = 3x + 4y g(x, y) = x² + y² = 100 Part III In this part, we assume that the supply function is given by, p = 8 +q Find the price and the quantity at the equilibrium. Calculate the consumer surplus. Calculate the producer surplus. 10. 11. 12. Part IV If the function f(x, y) = --- is subject to the constrain g(x, y) = . a) Use Lagrangian multipliers method to find the critical points of the function f (x, y). b) Plot the function in the 3-D graph in MATLAB. You can download the trial version of Matlab using the following link: https://uk.mathworks.com/campaigns/products/trials.html?prodcode=ML

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter7: Production Economics

Section: Chapter Questions

Problem 6E

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