A company producing cell phone cases uses either rubber (x1) or plastic (x2) with the following...
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A company producing cell phone cases uses either rubber (x1) or plastic (x2) with the following production function: y=x+ where y stands for the number of cases produced, and x1 and x2 stand for, respectively, the amount of rubber and the amount of plastic used (both in ounces). 1st attempt See Hint Suppose the firm has signed a contract to purchase 110 ounces of rubber. This contract must be honored. Furthermore, the rubber has a very short shelf life if not used for production. That is, if the rubber is not used immediately, it will be wasted. Let w₁ be the price of an ounce of rubber, and w₂ be the price of an ounce of plastic. Suppose the firm wants to make 210 cell phone cases. The conditional factor demand for ounces of plastic totals 5, and zero otherwise. if 002 A company producing cell phone cases uses either rubber (x1) or plastic (x2) with the following production function: y=x+ where y stands for the number of cases produced, and x1 and x2 stand for, respectively, the amount of rubber and the amount of plastic used (both in ounces). 1st attempt See Hint Suppose the firm has signed a contract to purchase 110 ounces of rubber. This contract must be honored. Furthermore, the rubber has a very short shelf life if not used for production. That is, if the rubber is not used immediately, it will be wasted. Let w₁ be the price of an ounce of rubber, and w₂ be the price of an ounce of plastic. Suppose the firm wants to make 210 cell phone cases. The conditional factor demand for ounces of plastic totals 5, and zero otherwise. if 002
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