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Given a demand function of P = 102-5Qd and supply of P = 35 + 2Qs, the utility function U = Qx0.1Qy(1-0.1) and the consumer budget 143 = 3Qx+6Qy along with the firm production function Q=K0.1L0.5 with the isocost 283 17K+ 13L. The economic growth factor is 1.3. What is the new level of revenue after input costs have shifted by 8 dollars? Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 1.1).

Given a demand function of P = 102-5Qd and supply of P = 35 + 2Qs, the utility function U = Qx0.1Qy(1-0.1) and the consumer budget 143 = 3Qx+6Qy along with the firm production function Q=K0.1L0.5 with the isocost 283 17K+ 13L. The economic growth factor is 1.3. What is the new level of revenue after input costs have shifted by 8 dollars? Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 1.1).

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Given a demand function of P = 102 - 5Qd and supply of P = 35 + 2Qs, the utility function U = Qx0.1Qy(1 (1-0.1) and the consumer budget 143 = 3Qx + 6Qy along with the firm production function Q=K0.1L0.5 with the isocost 283 = 17K+ 13L. The economic growth factor is 1.3. What is the new level of revenue after input costs have shifted by 8 dollars? Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).
Transcribed Image Text:Given a demand function of P = 102 - 5Qd and supply of P = 35 + 2Qs, the utility function U = Qx0.1Qy(1 (1-0.1) and the consumer budget 143 = 3Qx + 6Qy along with the firm production function Q=K0.1L0.5 with the isocost 283 = 17K+ 13L. The economic growth factor is 1.3. What is the new level of revenue after input costs have shifted by 8 dollars? Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).
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