View Policies Current Attempt in Progress A company operates two plants which manufacture the same item and whose total cost functions are C1 = 5.9 + 0.01(q1)² and C2 = 7.4 + 0.08(q2)², where q1 and q2 are the quantities produced by each plant. The company is a monopoly. The total quantity demanded, q = q1 + q2, is related to the price, p, by p = 80 – 0.08q. How much should each plant produce in order to maximize the company's profit?1 q1 = i 92 =

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter9: Systems Of Equations And Inequalities
Section9.4: Linear Programming
Problem 19E
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A company operates two plants which manufacture the same item and whose total cost functions are
C1 = 5.9 + 0.01(q1)² and C2 = 7.4 + 0.08(q2)²,
where q1 and q2 are the quantities produced by each plant. The company is a monopoly. The total quantity demanded, q = q1 + q2, is
related to the price, p, by
p = 80 – 0.08q.
How much should each plant produce in order to maximize the company's profit?!
91
92 =
"Adapted from M. Rosser and P. Lis, Basic Mathematics for Economists, 3rd ed. (New York: Routledge, 2016), p. 354.
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Transcribed Image Text:View Policies Current Attempt in Progress A company operates two plants which manufacture the same item and whose total cost functions are C1 = 5.9 + 0.01(q1)² and C2 = 7.4 + 0.08(q2)², where q1 and q2 are the quantities produced by each plant. The company is a monopoly. The total quantity demanded, q = q1 + q2, is related to the price, p, by p = 80 – 0.08q. How much should each plant produce in order to maximize the company's profit?! 91 92 = "Adapted from M. Rosser and P. Lis, Basic Mathematics for Economists, 3rd ed. (New York: Routledge, 2016), p. 354. ||
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