Universal Widget produces high-quality widgets at its plant in Gulch, Nevada, for sale throughout the world. The cost function for total widget production (q) is given bytotal cost = 0.25q2.Widgets are demanded only in Australia (where the demand curve is given by q = 100 – 2P) and Lapland (where the demand curve is given by q = 100 – 4P). If Universal Widget can control the quantities supplied to each market, how many should it sell in each location in order to maximize total profits? What price will be charged in each location?
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