Bundle: Microeconomics, 13th + Aplia, 1 Term Printed Access Card
13th Edition
ISBN: 9781337742535
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 13, Problem 2WNG
To determine
Calculate the unit of factor that a firm buys at
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a) What criteria determine whether a factor is considered fixed or variable? Faced with constantly changing conditions, why would a firm ever keep any factors fixed?
Jolene has a production function 4?1 + ?2. If the factor prices are £12 for factor 1 and £2 for factor 2, how much will it cost her to produce 30 units of output? Use lagrange to solve this
Prunella raises peaches where L is the number of units of labor she uses and T is the number of units of land she uses. Her output is f(L,T) = LT bushels of peaches. If the cost of land is 2 and the wage
for labor is 7, find the cost minimizing amount of labor to use subject to the constraint that output must be 137 bushels. Round your answer to the second decimal place, e.g., 12.345 = 12.35.
Chapter 13 Solutions
Bundle: Microeconomics, 13th + Aplia, 1 Term Printed Access Card
Ch. 13.1 - Prob. 1STCh. 13.1 - Prob. 2STCh. 13.1 - Prob. 3STCh. 13.1 - Prob. 4STCh. 13.2 - Prob. 1STCh. 13.2 - Prob. 2STCh. 13.2 - Prob. 3STCh. 13.2 - Prob. 4STCh. 13 - Prob. 1QPCh. 13 - Prob. 2QP
Ch. 13 - Prob. 3QPCh. 13 - Compare the firms least-cost rule with how buyers...Ch. 13 - Prob. 5QPCh. 13 - Prob. 6QPCh. 13 - Prob. 7QPCh. 13 - Prob. 8QPCh. 13 - Prob. 9QPCh. 13 - Prob. 10QPCh. 13 - Prob. 11QPCh. 13 - Prob. 12QPCh. 13 - Prob. 13QPCh. 13 - Prob. 14QPCh. 13 - Prob. 15QPCh. 13 - Prob. 16QPCh. 13 - Prob. 1WNGCh. 13 - Prob. 2WNGCh. 13 - Prob. 3WNGCh. 13 - Prob. 4WNGCh. 13 - Prob. 5WNG
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