What is the quantity of each good

Reference no: EM133287367

Question: A firm has a total revenue function based on producing two goods represented by the following equation. TR=-6Q1 2-10Q2 2 +300Q1+380Q2 The firm also has a variable cost of 4Q1 2 +2Q2 2 +8Q1Q2 . Regardless of how much the firm produces, they have a cost of 800. The firm also has machinery so that only 30 total units of either good can be produced in a given time period. Using calculus, what is the quantity of each good that should be produced to maximize profits? Verify using calculus that it is indeed a maximum.

Reference no: EM133287367

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