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A firm produces two different kinds a and b of a commodity

Question: (a) A firm produces two different kinds A and B of a commodity. The daily cost of producing Q1 units of A and Q2 units of B is C(Q₁ , Q₂) = 0.1(Q₁² + Q₁Q₂ + Q₂²) Suppose that the firm sells all its output at a price per unit of P₁ = 120 for A and P₂ = 90 for B. Find the daily production levels that maximize profits.

(b) If P₂ remains unchanged at 90, what new price (P₁) per unit of A would imply that the optimal daily production level for A is 400 units?

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Mathematics: A firm produces two different kinds a and b of a commodity

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Mathematics: A firm produces two different kinds a and b of a commodity

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