For the following total-profit function of a firm: = 144X – 3X² – XY – 2Y² + 120Y – 35 Determine the level of output of each commodity at which the firm maximizes its total profit. Determine the value of the maximum amount of the total profit of the firm.
For the following total-profit function of a firm: = 144X – 3X² – XY – 2Y² + 120Y – 35 Determine the level of output of each commodity at which the firm maximizes its total profit. Determine the value of the maximum amount of the total profit of the firm.
Chapter25: Monopoly
Section: Chapter Questions
Problem 9E
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For the following total-profit function of a firm:
= 144X – 3X² – XY – 2Y² + 120Y – 35
Determine the level of output of each commodity at which the firm maximizes its total profit.
Determine the value of the maximum amount of the total profit of the firm.
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from Profit = 144X – 3X² – XY – 2Y² + 120Y – 35
to get the Marginal profit of X = d(Profit)/dX
X = 144 - 6X - Y
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