Zookal
Zookal

We’d love to hear any feedback or comment from you!

© 2011-2021 Zookal Pty Ltd

View question and answer

From our collection of questions and answers
Business · Economics
Question details

3) Final 2016: (15 points) Suppose that a firm usestevenet5% andx2 andthe production fuoction is given bx y f(xi, x2)- Vx1 + 2x2. Let wi and w2 denote the prices of ioputs, a. (3 points) Does the production function exbibit constant, increasing, or decreasing returns to scale? b. (3 points) Sketch the isoquant fory-1. Now, suppose that the prices of inputs are given as wi - 1 and w2 4. What is the cost minimizing combination of xi and x2 for producing1 unit of output? c. (3 points) Derive the cost function showing total cost as a function of y. (Assume that wı =1andw,-4) d. (3 points) Suppose that in the short-run x2 is fixed at 0. Given thatwi-1 and w2- 4, what is the short-run cost function? e. (3 points) How does the short-run cost compare with the long-run cost? Would this. connection between short-run and long-run cost still hold if x2 was fixed at some other level? 4) Final 2017-Eor anỵpositivevalues ofinput prices w 1:0 and w2>0, the cost roinimizinginput combination topladuce an Output of y>0 is xFY2 an0%-o write a production function for this firm. Also, draw the isoquant corresponding to an output of 3 with the production function you have written.

Answer
Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.

Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.