A cloth manufacturer produces two types of cloth, A and B. His profit function is: Profit...
A cloth manufacturer produces two types of cloth, A and B.
His profit function is: Profit = 128A -4A2 + 8AB +64B -28 – 8B2
What should be the level of output of A and B to maximize profit?
Homework Answers
Profit would be maximized where dP/dA = dP/dB = 0
P = 128A - 4A2 + 8AB + 64B -28 - 8B2
dP/dA = 128 - 8A + 8B = 0
dP/dB = 8A - 16B + 64 = 0
solving the above two equations simultaneously:
A = 40
B = 24
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