Answer to Question #238606 in Microeconomics for Arsh Sinha

Question

A rancher sells hides and beef. The two goods are assumed to be jointly produced in fixed
proportions. The marginal cost equation for the beef-hide product package is given by
MC = 30 + 5Q
The demand and marginal revenue equations for the two products are:
BEEF
HIDES
P = 60 – 1Q
P = 80 – 4Q
MR = 60 – 2Q
MR = 80 – 4Q
What prices should be charged for beef and hides? How many units of the product package
should be produced?

Answer 1

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