Question
Suppose a firm has production functionf(x1, x2) = (min{3x1,2x2})1/2, and the price of each input is$1. (a) Ifx2is fixed in the short run, find the
Suppose a firm has production functionf(x1, x2) = (min{3x1,2x2})1/2, and
the price of each input is$1.
(a) Ifx2is fixed in the short run, find the firm's short-run cost functioncs(y,x2). (b) Find the firm's long-run cost functionc(y)
(c) Find the firm's short-run supply functionSs(p,x2)
(d) Find the firm's long-run supply functionS(p).
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Economics
Authors: Roger A. Arnold
11th edition
1133561675, 978-1133561675
