Question
A monopoly has a production function given byy (x 1, x 2 )=x 1 1/3 x 2 1/2 . The prices of output and factors
A monopoly has a production function given byy (x1, x2)=x11/3x21/2. The prices of output and factors are the following p(y) =6y-1/2, v1, v2. Compute
a) the factor demand function,
b) the conditional factor demand function,
c)the cost function,
d) the supply function.
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Essentials of Economics
Authors: N. Gregory Mankiw
8th edition
1337091995, 978-1337515351, 1337515353, 978-1337091992
