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{"ops":[{"insert":"A\u00a0monopolistic producer of two goods, 1 and 2, has a joint total cost function\n\u00a0where\u00a0\u00a0and\u00a0\u00a0denote the\u00a0quantity\u00a0of items of goods\u00a01and\u00a02, respectively that are produced.\u00a0If\u00a0"},{"attributes":{"italic":true},"insert":"P"},{"insert":"1\u00a0and\u00a0"},{"attributes":{"italic":true},"insert":"P"},{"insert":"2\u00a0denote the corresponding prices then the demand equations are\n\u00a0Using the Lagrange multiplier approach, find the\u00a0maximum profit if the firm is contracted to produce a total of 15 goods of either type. Estimate the new optimal profit if the production quota rises by 1 unit.\n"}]}
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