Question

Earl sells lemonade in a competitive market on a busy street in Port Jefferson. His production function is f (x1, x2) = x1^1/3 * x2^1/3, where x1 is the number of lemons and x2 is the number of hours of labor. Earl’s supply of lemonade S(P. w1, w2) is

	a.	p^2 / (9 w1 w2).
	b.	p^2 * (9 w1 w2).
	c.	P/ (3 w1 w2).
	d.	(w1 w2) / 3P.
	e.	(P^2 / w1) + (P^2 / 3 w2).

Answer 1

Answer:

option a)