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(See Solution) A firm produces two commodities, Q1 and Q2, in pure competition. The market price of commodity 1 is $15 and that of commodity 2 is $18. The firm has

Question: A firm produces two commodities, Q1 and Q2, in pure competition. The market price of commodity 1 is $15 and that of commodity 2 is $18. The firm has a total cost function, C=2Q 1 ^2+2Q 1 Q 2 +3Q 2 ^2

  1. Form the profit function for this firm.
    (b )Determine the profit maximizing levels of output for both commodities.
    (c) Evaluate the Hessian for the second order condition.

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