James uses kiwi k) and labor (L) tomake Juice Ca). Production function 9=min(43,R %3D lavor musured in haurs kiwi in kS Suicu in Gottles ADraw isoants for q-1,=2,9-3 laber on horiontal aus, kiwi on wrtical Price lalour -hour w: $15 Price per ks of Riuis P= 34 findl optimai amouni of laliaur and kiwi to produce q Cottles of Juice if Jamo minimises Costs. Praucde Praw on čliasram with nurt eapessions . for Lla), Rl)
James uses kiwi k) and labor (L) tomake Juice Ca). Production function 9=min(43,R %3D lavor musured in haurs kiwi in kS Suicu in Gottles ADraw isoants for q-1,=2,9-3 laber on horiontal aus, kiwi on wrtical Price lalour -hour w: $15 Price per ks of Riuis P= 34 findl optimai amouni of laliaur and kiwi to produce q Cottles of Juice if Jamo minimises Costs. Praucde Praw on čliasram with nurt eapessions . for Lla), Rl)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Solve following questions, diagrams required
![James uses kiwi k) and labor (L) to make
Juice Cq) .
Procuction function:9=min(3,K
O.S
lavor mcasured in haurs
kiwi in kS
Suicu in lottles
A Draw isuants for
labor on horiontal aas
9=1,9%=2,93
kiwi on wrtical
13
B) Price lalour-hour w= $15
Price per ks of Riuis P- $4
find optimai amouni of laliaur and kiwi
to produce q Lottles of Juicc if Jamu
minimises osts.
Praucde eapcssIons for Lla), Rla)
Praw on
diagram with part A](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81140e02-38dd-4a76-a295-9a14369bdf46%2F30b4e4fc-1d1e-4741-9031-ca72877573b8%2F066i4cm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:James uses kiwi k) and labor (L) to make
Juice Cq) .
Procuction function:9=min(3,K
O.S
lavor mcasured in haurs
kiwi in kS
Suicu in lottles
A Draw isuants for
labor on horiontal aas
9=1,9%=2,93
kiwi on wrtical
13
B) Price lalour-hour w= $15
Price per ks of Riuis P- $4
find optimai amouni of laliaur and kiwi
to produce q Lottles of Juicc if Jamu
minimises osts.
Praucde eapcssIons for Lla), Rla)
Praw on
diagram with part A
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