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Answer to Question #7752 in Economics of Enterprise 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
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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Assignment Expert please take note. Mathematics in this answers is all wrong. Correct it. Thanks.
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