Suppose that a manufacturer produces two brands of a product, brand 1 and brand 2. Suppose the demand for brand 1 is x = 91 - P1 thousand units and the demand for brand 2 is y = 101 - P2 thousand units, where P, and p2 are prices in dollars. If the joint cost function is C = xy, in thousands of dollars, how many of each brand should be produced to maximize profit? brand 1 thousand units brand 2 thousand units What is the maximum profit? thousand dollars

Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 6EQ: Redo Exercise 5, assuming that the house blend contains 300 grams of Colombian beans, 50 grams of...
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Suppose that a manufacturer produces two brands of a product, brand 1 and brand 2. Suppose the demand for brand 1 is x = 91 – P1 thousand units and the demand for brand 2 is y =
thousand units, where p1 and p2 are prices in dollars. If the joint cost function is C = xy, in thousands of dollars, how many of each brand should be produced to maximize profit?
101 - P2
brand 1
thousand units
brand 2
thousand units
What is the maximum profit?
thousand dollars
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Transcribed Image Text:Suppose that a manufacturer produces two brands of a product, brand 1 and brand 2. Suppose the demand for brand 1 is x = 91 – P1 thousand units and the demand for brand 2 is y = thousand units, where p1 and p2 are prices in dollars. If the joint cost function is C = xy, in thousands of dollars, how many of each brand should be produced to maximize profit? 101 - P2 brand 1 thousand units brand 2 thousand units What is the maximum profit? thousand dollars Need Help? Read It Watch It
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