(Solution) American Export Import Shipping Company operates a general cargo carrier service between New York and several Western European ports. It hauls two... > Snapessays.com


(Solution) American Export Import Shipping Company operates a general cargo carrier service between New York and several Western European ports. It hauls two...


. American Export Import Shipping Company operates a general cargo carrier service between New York and several Western European ports. It hauls two major categories of freight: manufactured items and semimanufactured raw materials. The demand functions for these two classes of goods are:

 

P1=100-2Q1

 

P2=80-Q2

 

where Q1= tons of freight moved. The total cost function for American is

 

TC=20+4(Q1+Q2)

 

b. What are the profit maximizing levels of price and output for the two freight categories?

 


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This question was answered on: Sep 21, 2023

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