Question
The production function of a company is ( 1 , 2 ) = (min { 1 , 2 2 }) 1/2 and the wages of
The production function of a company is (1, 2) = (min {1, 22})1/2 and the wages of the factors of production are 1 and 2. a. Calculate the cost function of the business. b. If the wages of the factors of production are w1 = 1 and 2 = 1 and the value of Y is p, what is the marginal cost of the enterprise, the average cost of the enterprise and the supply function? c. If = 48 and the wages of the factors of production are 1= 1 and 2 = 1 how much Y will be produced? How much will the business profit? d. If the wages of the factors of production are 1 and 2 and the value of Y is p, what is the marginal cost of the enterprise and what is the supply function?
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The Levelling What's Next After Globalization
Authors: Michael O'Sullivan
1st Edition
1541724089, 9781541724082
