Equation for isocost line that through input combination

Assignment Help Business Economics

Reference no: EM131104408

Millicent runs an Etsy shop on which she sells bracelets (y) made from ounces of beads (z1) and inches of silver-plated wire (z2). Millicent’s production function is f(z1, z2) = z1^1/4 z2^3/4. The price of an ounce of beads is w1 = 16, the price of an inch of wire is w2 = 3, and the price of output is p = 8.

What is the equation for the isocost line that goes through this input combination? Solve for the equation

What combination of ounces of beads and inches of wire (z1, z2) should she use to produce these 24 bracelets at lowest possible cost?

Reference no: EM131104408

Questions Cloud

Data requirements-gathering process : Designing a database often involves obtaining different perspectives from various sources to gather information. Discuss the importance of end-user interviews in the data requirements-gathering process.

Reconsider the coin flipping game introduced : (a) Simulate one play of this game by repeatedly flipping your own coin until the game ends. Record your results in the format shown in columns B, D, E, F, and G of Fig. 22.1. How much would you have won or lost if this had been a real play of the..

Determine the rate of heat loss through double glazed window : Determine the rate of heat loss through a double glazed window, as shown in the sketch, if the inside room temperature is 65°C and the average outside air is 0°C during December. Neglect the effect of the window frame.

Important business located in a small town : Sam and his sister Irene, are partners in an important business located in a small town in Rhode Island. Irene is married to a well-known real estate developer and is campaigning to be the mayor of their town.

Equation for isocost line that through input combination : Millicent runs an Etsy shop on which she sells bracelets (y) made from ounces of beads (z1) and inches of silver-plated wire (z2). Millicent’s production function is f(z1, z2) = z1^1/4 z2^3/4. What is the equation for the isocost line that goes throu..

Given the multiplicative congruential generator : (b) How often does each integer between 1 and 12 appear in the sequence generated in part (a)? (c) Without performing additional calculations, indicate how x13, x14, . . . will compare with x1, x2, . . . .

Do individuals who do not conform to the group norms : Norms influence behavior conformity among group members. What factors will influence group members to conform to a group's norms, and when will members remain independent? Do individuals who do not conform to the group's norms ever succeed in in..

Theories of freidman and carroll : Compare the theories of Freidman and Carroll, and create a PowerPoint presentation on your comparative study. Your PowerPoint presentation should include the following elements:

Identify at least two situations in which important changes : Identify at least two situations in which important changes in value are not reported in the income statement.

User Account

All Pages