1. Suppose that the output sells for $5 and the input sells for $4. Fill in the blanksin the following table.|X inputY outputVMPAVP10502575408050852. Suppose that the production function is given byy = 2x0.5The price of x is $3 and the price of y is $4. Derive the corresponding VMPand AVP functions. What is MFC? Solve for the profit-maximizing level for inputuse x.

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1. Suppose that the output sells for $5 and the input sells for $4. Fill in the blanks in the following table. X input Y output VMP AVP 10 50 25 75 40 80 50 85

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. Suppose that the output sells for $5 and the input sells for $4. Fill in the blanks
in the following table.
|X input
Y output
VMP
AVP
10
50
25
75
40
80
50
85
2. Suppose that the production function is given by
y = 2x0.5
The price of x is $3 and the price of y is $4. Derive the corresponding VMP
and AVP functions. What is MFC? Solve for the profit-maximizing level for input
use x.

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