Question: Consider the production function given as Y= 1 34 2 1/4 . Find the least cost combination of 1 and 2 to produce 12 units

Consider the production function given as Y= ₁^3\4₂^1/4. Find the least cost combination of ₁and ₂ to produce 12 units of Y, 1.when p_x1= 3 and p_x2 =1 2. P_x1 =48 and p_x2 =1

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Part 1: Multiple Choice 1. (10 points) Suppose a firm's production function is given by Q(L, K) = 611/3K2/3. If r = 8 and w = 32, what is the firm's long-run marginal cost? A. LRMC = 2 B. LRMC = 1/2...

University of Derby Derby Business School In-course Assignment Specification Module Code and Title: 7LO510 Supply Chain Analysis and System Modelling Assignment No. and Title: Coursework Assessment...

Answer appropriately. Final Exam (A) You have 2h to complete the exam and the final consists of 6 questions (15+10+25+15+20+15=100). Problem 1. (Consumer Choice) Jeremy's favorite flowers are tulips...

Consider the production function given as Y=X_1^(3/4) X_2^(1/4) . Find the least cost combination of X_1 and X_2 to produce 12 units of Y , when: P_(X_1 )=3 and P_(X_2 )=1 P_(X_1 )=48 and P_(X_2 )=1

Consider the production . 1/ 4 2 3/ 4 Y X1 X Find the least cost combination of X1 and X2 to produce 12 units of Y when: i. 3; 1 1 2 PX PX [5] ii. 48; 1 1 2 PX PX

Consider the production Y = X 1 3/4 X 2 1/4 Find the least cost combination of X 1 and X 2 to produce 12 units of Y when: P x1 = 3 ; P x2 = 1 P x1 = 48 ; P x2 = 1

Kindly help me solve the following questions NUMBER ONE (a) Marwyck Led. produces a designer perfume called "Hint of Elegance." Production of the perfume involves the use of two ingredients, X, and...

Hello, kindly provide reasoning behind these answers: |:>1. Laura's lemonade stand produces lemonade using some amount of two inputs according to the following production function, Q=min{2x1, x2}....

QUESTION 2 (25 points): In drawing graphs, do not forget to mark the intercepts and label the axes. Show all your calculations explicitly. Consider a firm which uses two inputs, labor (L.) and...

Find attached Ingredients: Water, MCC, Salt, Nicotine, pH regulator, sweeteners and flavours I am wondering why the decision to go with LYFT. I understand migrating to LYFT would be easier from sells...

Is the following statement true Cost allocation refers to the process of assigning direct costs? Discuss.

A manufacturer considers his production process to be out of control when defects exceed 4.1%. In a random sample of 118 items, the defect rate is 8.1% but the manager claims that this is only a...

19-1 Describe an operator process chart in terms of the information it contains.

How do fundamental principles of operations management contribute to enhancing efficiency, productivity, and competitiveness in organizations? From optimizing processes and resource allocation to...

6. How does identifying the intended outcomes of a training shape the training itself?

1. Explain how training and development play an important role in Witness.org.

3. Describe the group of experts who conduct the training for Witness.org.