Question

4. Al’s production function for deer is f(x1, x2) = (2x1 + x2)1/2, where x1 is...

4. Al’s production function for deer is f(x1, x2) = (2x1 + x2)1/2, where x1 is the amount of plastic and x2 is the amount of wood used. If the cost of plastic is $4 per unit and the cost of wood is $4 per unit, then what is the cost of producing 8 deer ?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In Problem 12, Al’s production function for deer is f(x1, x2) = (2x1 + x2)1/2, where...
In Problem 12, Al’s production function for deer is f(x1, x2) = (2x1 + x2)1/2, where x1 is the amount of plastic and x2 is the amount of wood used. If the cost of plastic is $8 per unit and the cost of wood is $1 per unit, then the cost of producing 7 deer is a. $49. b. $28. c. $196. d. $7. e. $119. step by step, please
2 .Suppose the production function of a firm is given by f (x1, x2) = 2x1...
2 .Suppose the production function of a firm is given by f (x1, x2) = 2x1 + 4x2 (a) Calculate the conditional demand functions of the firm assuming w1 = 2; w2 = 3, and y = 8 (b) Calculate the minimum cost of the firm to produce 8 units of the good when w1 = 2 and w2 = 3
Consider a firm with production function given by f(x1, x2) = (x1)^1/4 (x2)^1/2 : Assume the...
Consider a firm with production function given by f(x1, x2) = (x1)^1/4 (x2)^1/2 : Assume the prices of inputs 1 and 2 are w1 and w2, respectively, and the market price of the product is p. (a) Find the levels of the inputs that maximize the profits of the firm (X1, X2) (b) Derive the supply function of the firm (i.e., y = f (x 1 ; x 2 ))
1. A firm has two variable factors of production, and its production function is f(x1,x2) =...
1. A firm has two variable factors of production, and its production function is f(x1,x2) = x1/2 1 x1/4 2 . The price of the output is 6. Factor 1 receives the wage $2, and factor 2 receives the wage $2. a. How many units of each factor will the firm demand? b. How much output will it produce? 2. Beth produces software. Her production function is f(x1,x2) = 3x1 + 2x2, where x1 is the amount of unskilled labor...
Suppose the production function of a firm is given by f (x1; x2) = min{x1, x2}...
Suppose the production function of a firm is given by f (x1; x2) = min{x1, x2} (a) Calculate the conditional demand functions of the firm assuming w1 = 2; w2 = 4, and y = 8 (b) Calculate the minimum cost of the firm to produce 8 units of the good when w1 = 2 and w2 = 4:
A competitive firm’s production function is f(x1,x2)= 24x1^1/2x2^1/2. The price of factor 1 is 1, the...
A competitive firm’s production function is f(x1,x2)= 24x1^1/2x2^1/2. The price of factor 1 is 1, the price of factor 2 is 2 and the price of output is 4. (a) Write down the cost function in terms of both the inputs. (b) What is the long-run cost minimization condition for this firm? (c) In what proportions should x1 and x2 be used if the firm wants to minimize its costs?
Suppose x1 and x2 are perfect substitutes with the utility function U(x1, x2) = 2x1 +...
Suppose x1 and x2 are perfect substitutes with the utility function U(x1, x2) = 2x1 + 6x2. If p1 = 1, p2 = 2, and income m = 10, what it the optimal bundle (x1*, x2*)?
1. Consider a firm with technology that can be represented by the following production function: f(x1,...
1. Consider a firm with technology that can be represented by the following production function: f(x1, x2) = min {x1, x2} + x2 Input 1 costs w1 > 0 per unit and input 2 costs w2 > 0 per unit. (a) Draw the isoquant associated with an output of 4. Make sure to label any intercepts and slopes. (b) Find the firm’s long-run cost function, c(w1, w2, y)
A firm’s production function is given as y=(x1)^(1/2) * (x2-1)^(1/2) where y≥0 for the output, x1≥0...
A firm’s production function is given as y=(x1)^(1/2) * (x2-1)^(1/2) where y≥0 for the output, x1≥0 for the input 1 and x2≥0 for the input 2. The prices of input 1 and input 2 are given as w1>0 and w2>0, respectively. Answer the following questions. Which returns to scale does the production function exhibit? Derive the long-run conditional input demand functions and the long-run cost function.
Al Einstein has a utility function that we can describe by u(x1, x2) = x 2...
Al Einstein has a utility function that we can describe by u(x1, x2) = x 2 1 + 2x1x2 + x 2 2 . Al’s wife, El Einstein, has a utility function v(x1, x2) = x2 + x1. (a) Calculate Al’s marginal rate of substitution between x1 and x2. (b) What is El’s marginal rate of substitution between x1 and x2? (c) Do Al’s and El’s utility functions u(x1, x2) and v(x1, x2) represent the same preferences? (d) Is El’s...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT