Suppose a firm's cost function is given byC(w1, w2, y) =Kwfw"ywhere w, and y denote the price of the i-th input and the output level respectively and K, a and b arepositive constants with 0 < a < 1. Which one of the following is the conditional input demand function forinput 2 ?Select one:O a. Kufw"y1-aO b. Kw-"yO c. Kaw"w-"yO d. wqw"y1-aO e. None of the above

Given that, Firm's cost function; Cw1,w2,y=kw1aw21-ayb (1)…

Answered: Suppose a firm's cost function is given…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Suppose there are 100 farmers each with 10 acres that overlie a common groundwater aquifer. They all have identical farmland that is more productive if wells are used to pump the groundwater for irrigation. They all face a marginal cost of $10 per well. The average productivity (in $ of crop output) of the wells of the common aquifer is given by AP = 100 – W where W is the number of wells drilled into the aquifer. 1. Now assume one farmer buys all the land – how many wells will be drilled and what will be the rent generated. A. 45; 2025 B. 90; 2025 C. 60; 1000 D. 90; 0 E. 45; 0 F. None of the above
2. A simple curve that often makes a good model for the variable costs of a company, as a function of the number of units produced, x, has the form: y = b₁x + b₂x² + b3x³. (There is no constant term because fixed costs are not included.) Consider the following table of recorded variable costs versus units produced for some company:
Define the Derivatives of the following Linear Functions: 1)Total Cost Function 2) Consumption function 3) Supply value of calculus to business
If the demand and supply functions for a product are p=800-2q and p=100+0.5q, repectively, find the tax per unit t that will maximize the tax revenue T = t * q.
The hourly cost function (in dollars) of 3 generators, each as follows: where x₁ is the output power of the first generator, x₂ is the output power of the second generator, and x3, is the output power of the third generator. It is known that the three generators serve a load (total output power) of 744 megawatts. Determine the distribution of power that must be generated by each generator so that it can meet the needs load with minimum total operating costs.
b. Q= 8, with demand function is Q = (60 – 2P)² 3. Given demand function is 4P + Q – 16 = 0 and total cost function is TC = 4 + 20 – 2+ 2 Find : 10 20 a. Total Revenue function b. Profit function c. MR and MC d. Q that will give maximum profit e. Find the maximum profit

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