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Answer on Economics of Enterprise Question for Gilbert

Question #7752
A small firm traps rabbits for their fur and feet. Each rabbit yields one pelt and two feet (only the hind feet are suitable for the "lucky rabbit's feet"). The demand for pelts is:
PP = 2.00 - 0.001QP
and the demand for rabbit's feet is given by:
PF = 1.60 - 0.001QF
The marginal cost of trapping and processing each rabbit is $0.60.
a. What are the profit-maximizing prices and quantities of pelts and rabbit's feet
b. the quantities of pelts and rabbits feet
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Comments

Assignment Expert
26.01.2016 10:44

Dear Sir, thank you for your comment.

Hameed
20.01.2016 02:20

Assignment Expert please take note. Mathematics in this answers is all wrong. Correct it. Thanks.

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