The world’s Largest Sharp Brain Virtual Experts Marketplace Just a click Away
Levels Tought:
Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | Apr 2017 |
| Last Sign in: | 327 Weeks Ago, 5 Days Ago |
| Questions Answered: | 12843 |
| Tutorials Posted: | 12834 |
MBA, Ph.D in Management
Harvard university
Feb-1997 - Aug-2003
Professor
Strayer University
Jan-2007 - Present
EXERCISE 3 A firm has cost function 2 f
_ y + 1 i y > 0
C(31) — { 0 ify = 0 Let p be the price of output. 1 (1) If p = 2, how much will the firm produce? If p = 1, how much will the firm
produce? (2) What is the (optimal) profit function of the firm? EXERCISE 4 A producer produces good :1; using inputs 3:1 and .132 according to the production function
y = :1:ng where a + [3’ < 1. The factor prices are 101 and 102 (for input 1 and 2). The
producer can sell as much as he wants at unit price p. (1) Derive the cost function C(x, y). (2) What is the producer’s optimal profit as a function of (wl, 1112, p)?
-----------