Question
A firm has the production function y=x 1 1/2 x 2 . In the short run it must use exactly 15 units of factor 2.
A firm has the production function y=x11/2x2. In the short run it must use exactly 15 units of factor 2. The price of factor 1 is $75 per unit and the price of factor 2 is $2 per unit. What is the firm's short-run marginal cost function?
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Puzzle Of Latin American Economic Development
Authors: Patrice Franko
2nd Edition
0742524663, 9780742524668
