+1 (347) 474-1028 info@essayparlour.com

Nancy has a production function f(x sub1) (x sub2)=x s… Sh

Paper help Economics Nancy has a production function f(x sub1) (x sub2)=x s… Sh

Economics

Nancy has a production function f(x sub1) (x sub2)=x s… Sh

Nancy has a production function f(x sub1) (x sub2)=x s… Show more PLease explain how you got your answers! 🙂 Nancy has a production function f(x sub1) (x sub2)=x sub1+4xsub2. The price of the first input (xsub1) is $12 and the price of the second input, (xsub2), is $8. a) Does this production function exhibit increasing, decreasing, or constant returns to scale? Explain. b) How many units of x1 and x2 will Nancy use to produce 30 units of output in the cheapest way? How much will it cost her? c) What is the cost function associated with producing y units of output? d) Assume now that input prices are (w1,w2). What is the cost function associated with producing y units of output? • Show less

Order Now

Ready to try a high quality writing service? Get a discount here