1/3 „1/3 Farmer Joe's production function is f(x1,x2) = x;^x°, where x¡ is the number of pounds of lemons he uses and x2 is the number of hours he spends 1/21/²,3/2, where y is the %3D squeezing them. His cost function is c(w1. w2, y) number of units of lemonade produced. = 2wwy3/2, where y is the (a) If lemons cost $1 per poud, the wage rate is $1 per hour, and the price of lemonade is p, what is his marginal cost function? 2.
1/3 „1/3 Farmer Joe's production function is f(x1,x2) = x;^x°, where x¡ is the number of pounds of lemons he uses and x2 is the number of hours he spends 1/21/²,3/2, where y is the %3D squeezing them. His cost function is c(w1. w2, y) number of units of lemonade produced. = 2wwy3/2, where y is the (a) If lemons cost $1 per poud, the wage rate is $1 per hour, and the price of lemonade is p, what is his marginal cost function? 2.
Chapter11: Profit Maximization
Section: Chapter Questions
Problem 11.9P
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![1/3 1/3
Farmer Joe's production function is f(x1, x2) =
", where xị is
the number of pounds of lemons he uses and x2 is the number of hours he spends
1/21/2
2wi"wy3/2, where y is the
squeezing them. His cost function is c(w1. w2, y) =
number of units of lemonade produced.
(a)
If lemons cost $1 per pound, the wage rate is $1 per hour, and the
price of lemonade is p, what is his marginal cost function?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F808611eb-97c0-4c67-86e5-669d35fea8ab%2Fbd98ed0e-4e85-4981-ac05-43b13a9a0d77%2Fcvyosm6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1/3 1/3
Farmer Joe's production function is f(x1, x2) =
", where xị is
the number of pounds of lemons he uses and x2 is the number of hours he spends
1/21/2
2wi"wy3/2, where y is the
squeezing them. His cost function is c(w1. w2, y) =
number of units of lemonade produced.
(a)
If lemons cost $1 per pound, the wage rate is $1 per hour, and the
price of lemonade is p, what is his marginal cost function?
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