Calculate the factor demand function Given the product price (P) is 6 and the price of factor 1 (w1) is 12, calculate the optimum amount of factor 1. Show your results on a graph.
Calculate the factor demand function Given the product price (P) is 6 and the price of factor 1 (w1) is 12, calculate the optimum amount of factor 1. Show your results on a graph.
Chapter10: Cost Functions
Section: Chapter Questions
Problem 10.7P
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Given the production function y= f(x1,x2)=x11/3x21/3. The amount of x2 is equal to 216 in the short run.
- Calculate the factor
demand function - Given the product price (P) is 6 and the price of factor 1 (w1) is 12, calculate the optimum amount of factor 1. Show your results on a graph.
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