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A company builds furniture. Recently different woods they use have become harder to obtain. Consultation with management for 2 lines has resulted in the following product functions for hardwood usage in the two products, products Y and K.

Product Y Y=2Ty-.001Ty^2
Product K K=20Tk-,01Tk^2

Y=units of product Y
K=units of product K
Ty= wood used in product Y
Tk= wood used in product K

Product Y can be sold at a profit if $100 per unit, and product K can be sold at a profit of $25 each. The company has 1,300 units of wood. How should that wood be allocated? Why?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946227

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