3. A firm’s total cost function is given by
TC= 3X^2 + 2XY+7Y^2
Where X and Y denote t...
Mathematics, 25.11.2021 09:20 aleexandras09
3. A firm’s total cost function is given by
TC= 3X^2 + 2XY+7Y^2
Where X and Y denote the number of items of goods 1 and 2, respectively that are produced. Using the substitution method, find the values of X and Y which minimize costs if the firm is committed to producing 40 goods of either type in total.
Answers: 2
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