5. (A Firm's Profit) Suppose that a firm produces 3 types of output, using 2 types...

Transcribed Image Text:

5. (A Firm's Profit) Suppose that a firm produces 3 types of output, using 2 types of input. Its output quantities are given by the column vector q= and their unit prices are given by and the input prices by [15, 0007 27,000 13,000 p= The amounts of inputs the firm uses are given by the column vector 11,000] 30,000 Z = 10 12 5 W = [20] 8 Using these data, find the expression of the firm's profit in a matrix form and compute the profit. 5. (A Firm's Profit) Suppose that a firm produces 3 types of output, using 2 types of input. Its output quantities are given by the column vector q= and their unit prices are given by and the input prices by [15, 0007 27,000 13,000 p= The amounts of inputs the firm uses are given by the column vector 11,000] 30,000 Z = 10 12 5 W = [20] 8 Using these data, find the expression of the firm's profit in a matrix form and compute the profit.

Answer rating: 100% (QA)

To find the expression of the firms profit in matrix form we can use the following formula ... View the full answer