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The firm is considering manufacturing a second product in its factory alongside the first. The demand functions for the two products are: Qd1=180 - 4P1
Qd2=90 - 2P2 where the subscripts 1 and 2 refer to product 1 and product 2, respectively. The firm now faces a total cost function: TC= Q+150where Q= Q1 + Q2
a) Dtermine the new total profit function for the firm as a function of Q1 and Q2.
b) Using your new profit function measured in part (b)(i) find the level of output for every product at the profit maximising point and display your outcome is a maximum.
Can you explain the basic introduction of this methodology?
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A firm's total revenue (TR) is provided by pq, where p is price and q is quantity sold. Assume the firm is initially selling 1000 units of its product at a
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write a term paper on modelling and multicollinearity
Students in the red/black card game had to make individual deals. How would the situation change if they could bargain collectively?
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