Question: (c) f(z, y) =ェ-3y-ry, subject toェ+9 = 6 (d) f(x,y) , subject to a +y (e) f(x, v) -+, subject to…

01 May Question: (c) f(z, y) =ェ-3y-ry, subject toェ+9 = 6 (d) f(x,y) , subject to a +y (e) f(x, v) -+, subject to…

Posted at 15:20h in 2Past Paper by Exams

(c) f(z, y) =ェ-3y-ry, subject toェ+9 = 6 (d) f(x,y) , subject to a +y (e) f(x, v) -+, subject to +y’- Applications 4. Jane is running a lemonade stand at the farmer’s market. The farmer’s market only (20 allows one stand, so she faces no competition. She currently sells lemonade for $1. Tarzan tells her that this price is too high and suggests that if she lowers the price she can sell more lemonade. Jane does not know her costs, but she does know that her marginal cost is positive. The inverse demand for lemonade is P 3-0.01Q2 (a) What is Jane’s revenue as a function of quantity? (b) What price will maximize revenue? (c) Is Tarzan right? How will lowering the price affect profits? Page 1 of 2

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