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Find the conditional factor demand for factor æ2 if the firm wants to produce y = 25.1 units of output with the production function f(¤1, x2) = min (0.5x1,0.3x2). Price of output p = 39.1 and prices of inputs are wi = 5.3 and w2 = 8.7. Hint: 1. Think what is the cheapest way to produce y units of output given this specific produciton function. 2. Derive demand for æ2 as a function of y, wi and wy only Type your answer with at least 4 decimal digits! Answer:

Find the conditional factor demand for factor æ2 if the firm wants to produce y = 25.1 units of output with the production function f(¤1, x2) = min (0.5x1,0.3x2). Price of output p = 39.1 and prices of inputs are wi = 5.3 and w2 = 8.7. Hint: 1. Think what is the cheapest way to produce y units of output given this specific produciton function. 2. Derive demand for æ2 as a function of y, wi and wy only Type your answer with at least 4 decimal digits! Answer:

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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25.1 Find the conditional factor demand for factor x2 if the firm wants to produce y units of output with the production function f(x1, x2) = min (0.5x1,0.3x2). Price of output p = 39.1l and prices of inputs are wi 5.3 and w2 = 8.7. Hint: 1. Think what is the cheapest way to produce y units of output given this specific produciton function. 2. Derive demand for x2 as a function of y, wi and w2 only Type your answer with at least 4 decimal digits! Answer:
Transcribed Image Text:25.1 Find the conditional factor demand for factor x2 if the firm wants to produce y units of output with the production function f(x1, x2) = min (0.5x1,0.3x2). Price of output p = 39.1l and prices of inputs are wi 5.3 and w2 = 8.7. Hint: 1. Think what is the cheapest way to produce y units of output given this specific produciton function. 2. Derive demand for x2 as a function of y, wi and w2 only Type your answer with at least 4 decimal digits! Answer:
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