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Total cost of producing the two goods

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Reference no: EM132299139

A monopolist produces two goods Q1 and Q2. In order to satisfy demand, the firm wants to produce a specific amount Q * of both of the two goods. The total cost of producing the two goods is:

TC=aQ1 +Q1 Q2 +bQ2

and the demand functions are:

p1=g- Q1+Q2

p2= h + iQ1- Q2

a. Find the amount of Q1 and Q2 that will maximize profits

b. provide second order conditions

c. Provide an economic explanation for the profit maximizing level of output

Reference no: EM132299139

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