Illustrate what is approximately the maximum amount

Reference no: EM1347456

Mathematical economics: Problem of A firm production function 4x1/3 y1/3, Price of output is 1 and price of each input is 1. Constrained is to use 1000 units of input x.

A) How much of input y does it use?

B) Illustrate what is approximately the maximum amount the firm is willing to pay to be allowed to use more units of input x, for small?

Reference no: EM1347456

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