How much of input 2 does it use

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Reference no: EM13200526

A firm that uses two inputs to produce output has the production function 3x1/3y1/3, where x is the amount of input 1 and y is the amount of input 2. The price of output is 1 and the prices of the inputs are wx and wy. The firm is constrained by the government to use exactly 1000 units of input 1.

a. How much of input 2 does it use?

b. What is the most that it is willing to bribe an inspector to allow it to use another unit of input 1?

Reference no: EM13200526

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