The function is the revenue function for selling widgets and gizmos with demand price functions PriceGizmos = 31 + 0.94QuantityGiamos/100 PriceWidgets = 19 • 0.85QuantityWidgets/150 and, P = (QuanityGizmos, QuantityWidgets) = (762, 401) and P, = (729, 422) QuantityWidgets 306 QuantityGizmos 250 a. Give the 2 functions of one variable through P, obtained by holding each variable constant. (Use the variables QW and QG) Revenue(762, QW) =- 762 · (19.3462 – QW 762. + QW |19 · 0,85 T50 250 306 Revenue(QG, 401) = QG · (31 ·0.94 OG 250 401 + 401: (12.3046 306 b. Find the partial derivatives of the original function. (Use the variables QW and QG) Revenuega(QG, QW) = 29.14 T (1 – f00 In(29.14)) - QW( 306 * 250 Revenueqw (QG, QW) =

The function is the revenue function for selling widgets and gizmos with demand price functions PriceGizmos = 31 + 0.94QuantityGiamos/100 PriceWidgets = 19 • 0.85QuantityWidgets/150 and, P = (QuanityGizmos, QuantityWidgets) = (762, 401) and P, = (729, 422) QuantityWidgets 306 QuantityGizmos 250 a. Give the 2 functions of one variable through P, obtained by holding each variable constant. (Use the variables QW and QG) Revenue(762, QW) =- 762 · (19.3462 – QW 762. + QW |19 · 0,85 T50 250 306 Revenue(QG, 401) = QG · (31 ·0.94 OG 250 401 + 401: (12.3046 306 b. Find the partial derivatives of the original function. (Use the variables QW and QG) Revenuega(QG, QW) = 29.14 T (1 – f00 In(29.14)) - QW( 306 * 250 Revenueqw (QG, QW) =

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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