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Sagot :
Answer:
Both prices should be set to #25.
The maximum revenue is #4375
Step-by-step explanation:
Given
[tex]q_1 = 150-2p_1-p_2[/tex]
[tex]q_2 = 200-p_1-3p_2[/tex]
Start by calculating the total revenue (R):
[tex]R = p_1q_1 + p_2q_2[/tex]
[tex]R = p_1(150-2p_1-p_2) + p_2(200-p_1-3p_2)[/tex]
[tex]R = 150p_1-2p_1^2-p_1p_2 + 200p_2-p_1p_2-3p_2^2[/tex]
Collect and solve like terms
[tex]R = 150p_1+ 200p_2-2p_1^2-2p_1p_2 -3p_2^2[/tex]
Differentiate with respect to pi and to p2, respectively
[tex]\frac{dR}{dp_1} = 150 -4p_1 - 2p_2[/tex]
[tex]\frac{dR}{dp_2} = 200 -2p_1 - 6p_2[/tex]
Equate both to 0, to get the critical point
[tex]150 -4p_1 - 2p_2 = 0[/tex]
[tex]200 -2p_1 - 6p_2 = 0[/tex]
Solve for p1 in [tex]150 -4p_1 - 2p_2 = 0[/tex]
[tex]4p_1 = 150 - 2p_2[/tex]
[tex]p_1 = 37.5 - 0.5p_2[/tex]
Substitute [tex]p_1 = 37.5 - 0.5p_2[/tex] in [tex]200 -2p_1 - 6p_2 = 0[/tex]
[tex]200 - 2(37.5 - 0.5p_2) - 6p_2 = 0[/tex]
[tex]200 - 75 - p_2 - 6p_2 = 0[/tex]
[tex]125 - 7p_2 = 0[/tex]
[tex]-7p_2 =-125[/tex]
[tex]p_2 = 25[/tex]
Substitute [tex]p_2 = 25[/tex] in [tex]p_1 = 37.5 - 0.5p_2[/tex]
[tex]p_1 = 37.5 - 0.5 * 25[/tex]
[tex]p_1 = 37.5 - 12.5[/tex]
[tex]p_1 = 25[/tex]
So, we have:
[tex]p_1 = p_2 = 25[/tex]
This implies that the prices should be set to #25.
The maximum possible revenue is:
[tex]R = 150p_1+ 200p_2-2p_1^2-2p_1p_2 -3p_2^2[/tex]
[tex]R = 150 * 25 + 200 * 25 -2 * 25^2 - 2 * 25 * 25 - 3 * 25^2[/tex]
[tex]R = 4375[/tex]
The maximum revenue is #4375
The maximum possible revenue is 4375.
How to calculate the revenue?
From the information given, the following can be deduced:
Q₁ = 150 - 2P₁ - P₂
Q₁ = 150 - 2P₁ - P₂Q₂ = 200 - P₁ - 3P₂
The total revenue will be:
R = P₁Q₁+ P₂Q₂
R = P₁(150 - 2P₁ - P₂) + P₂(200 - P₁ - 3P₂)
R = 150P₁ + 200P₂ - 2P₁² - 2P₁P₂ - 3P₂²
To maximize, differentiate it in both the direction of P₁ and P₂.
d/dP₁ = 150 - 4P₁ - 2P₂
d/dP₂ = 200 - 2P₁ - 6P₂.
Solving for P₁ goes thus:
4P₁ = 150 - 2P₂
Divide through by 4
P₁ = 37.5 - 0.5P₂
Since 200 - 2P₁ - 6P₂ = 0
200 - 2(37.5 - 0.5P₂) - 6P₂ = 0.
P₂ = 25
Therefore, the revenue will be:
= 150P₁ + 200P₂ - 2P₁² - 2P₁P₂ - 3P₂²
= (150 × 25) + (200 × 25) - (2 × 25 × 25) - (3 × 25²)
= 4375
In conclusion, the revenue is 4375.
Learn more about revenue on:
https://brainly.com/question/25623677
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