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Compute the long-run cost function for baskets of berries b

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Douffelberry juice is a mild intoxicant, prized for facilitating conversation among university administrators, but not otherwise valued. The berry does not travel well, so it must be squeezed on the farm where it is grown. Baskets of berries, B, are produced using ounces of seeds, S, and hours of labor, L, according to a production function B = S 1/2L 1/2 . Gallons of juice, J, are made from baskets of berries and hours of labor according to the production function J = min{B, L}. Seeds cost $8 per ounce and labor costs $4 per hour.

(a) Compute the long-run cost function for baskets of berries B.

(b) Compute the long-run cost function for gallons of juice J.

Reference no: EM132500151

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