OK i have this problem and I am trying to figure out where to start.
A company operates 2 plants which manufacture the same item and whose total cost functions are
c1= 8.5 + 0.03q1^2
c2= 5.2 + 0.03q2^2
q1 and q2 are the quantity, not multiplying.
the total quantity demanded is Q= q1 + q2,
and is related to the price, P = 60-0.04q
How much should each plant produce in order to maximize the companys profit?
Where do I start, once I get that, I think I have an understanding.