Both men (denoted by M) and women (denoted by W) can produce output (denoted by q). This is captured by the following production function: q=3M + 5W . The wage for a man is $15 while the wage for a woman is $20.

a) Derive the firm’s conditional input demand functions for men and women.

b) Derive the total, marginal, and average cost functions.

Answer rating: 100% (QA)

Both men M and women w produce an output q This is captured by the production function is q 3M 5W Wa... View the full answer