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Determine thermo-can total cost function

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Reference no: EM132519030

Thermo-Can manufactures insulated travel mugs, their production function is given as },4min{ 21 xxy = , where 1 represents the mug and 2 the lid and accessories. The input prices are expressed by 1 and 2, respectively. 2.2.1 Derive Thermo-Can's conditional demands for inputs 1 and 2. (2)

  • Determine Thermo-Can's total cost function.
  • With the aid of a diagram, explain what happens to the short-run profit-maximising production plan when the output price increases.

Reference no: EM132519030

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