A firm operates two plants with the total cost schedules, Microeconomics

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A firm operates two plants with the total cost schedules

Question: 1. A firm operates two plants with the total cost schedules

TC₁ = 62 + 0.00018q³₁TC₂ = 62 + 0.00018q³₂

and faces the demand schedule p = 2,360 - 0.15q. To maximize profits, how much should it produce in each plant?

2. A firm faces the production function Q = 0.8K0.4L0.3. It sells its output at a fixed price of £450 a unit and can buy the inputs K and L at £15 per unit and £8 per unit respectively. What input mix will maximize profit?

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Microeconomics: A firm operates two plants with the total cost schedules

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