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Weather.com would like to produce forecasts of the weather in Chicago Producing thme forecasts requires building models, which can he built by meteorolo- gists, economists,

Weather.com would like to produce forecasts of the weather in Chicago

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Producing thme forecasts requires building models, which can he built by meteorolo- gists, economists, or both working together. Being generally incompetent, meterologists are strictly worse at building models than economists, even about the weather. Weather forecasts are produced by the production function Q = ffE, M} = log{1 + 4E + M], 1where E and M are employment of economists and meteorologists, ompectiyely. The competitive input prices are me for employing economists and w,\" for employing mete- urologists. Set up and solve the cost minimization problem for producing weather forecasts. Under what conditions does Weather.com hire meteorologists to produce weather forecasts

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