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Question 5(10 points). A firm produce two goods, xi and xz. The prices of each goods, prand py, are given by the followi
Posted: Mon Jul 11, 2022 10:48 am
by answerhappygod
- Question 5 10 Points A Firm Produce Two Goods Xi And Xz The Prices Of Each Goods Prand Py Are Given By The Followi 1 (21 KiB) Viewed 45 times
Question 5(10 points). A firm produce two goods, xi and xz. The prices of each goods, prand py, are given by the following functions respectively, Pā-7-2+372, Pā=2+25ā-1 (1) Find the total revenue of the firm (hints: the firm produces two goods) (2) Find the marginal revenues of each good
Question 6 (20 points). Assume a representative UGA student has the following utility function U=xys, where x represents the number six packs of beer consumed, and y represents the aggregated consumption of all other goods. If the average students have a weekly income of $200. And the price p.= $6 and py=$1 (1) Find the quantities of x and y to maximize his utility (2) What would be the optimal utility?