A firm has two variable factors of production

Assignment Help Business Economics

Reference no: EM13981019

A firm has two variable factors of production (x, y) with a production function q(x,y) = x^1/3*y^1/3. The price of output is p, the price of factor x is wx, and the price of factor y is wy. - Find the factor demand curves x*, y*, and the optimal consumption level q*. - If p = 9, wx = 1, and wy = 1, what would the firm’s profit be?

Reference no: EM13981019

Questions Cloud

Nutritional information on restaurant menus : In a sample of 1000 U.S. adults, 150 said they are very confident in the nutritional information on restaurant menus. Four U.S. adults are selected at random without replacement. (Adapted from Rasmussen Reports) (a) Find the probability that all f..

What is the equation for the tension in the strings : Two identical spheres are charged to the same amount q and hang from the ceiling. What is the equation for the tension in the strings? What is the mass of the sphere?

What is the size of the firms profit : Suppose that a monopolistically competitive restaurant is currently serving 230 meals per day (the output where MR=MC). At that output level. ATC per meal is $10 and consumers are willing to pay $13 per meal. What is the size of the firm's profit

New mean annual salary : The mean annual salary of employees at a company is $36,000. At the end of the year, each employee receives a $1000 bonus and a 5% raise (based on salary). What is the new mean annual salary (including the bonus and raise) of the employees?

A firm has two variable factors of production : A firm has two variable factors of production (x, y) with a production function q(x,y) = x^1/3*y^1/3. The price of output is p, the price of factor x is wx, and the price of factor y is wy. - Find the factor demand curves x*, y*, and the optimal cons..

What are the major stages of a financial bubble : What is currency crisis (or financial crisis)? What are the major stages of a financial bubble? Use one example (Mexican peso crisis, Asian financial crises, Argentine financial crisis, or 2008 financial crisis) to illustrate these stages. What major..

Find magnitude of magnetic field at given point : Find the magnitude and direction of the magnetic field at point ρ1, located d = 20.0 cm above the wire carrying the 4.65-A current.

Corrected mean and corrected standard deviation : Calculate the corrected mean and corrected standard deviation.

Sustainably governed for the near-future effectively : List reasons why California can be sustainably governed for the near-future effectively. List reasons why this is unlikely to be the case and why. That is, why California is impossible to govern and will become an increasingly unstable and unsustaina..

User Account

All Pages