Question: Given that the input x is used by the farmer to produce two outputs y and Y. = 0.5 Y = x0.3 and y

Given that the input x is used by the farmer to produce

Given that the input x is used by the farmer to produce two outputs y and Y. = 0.5 Y = x0.3 and y = 1 y2 Where the amounts of x used in producing y and y are given by xy and xy2. If the cost of each unit of x is v, a. Derive the revenue maximising outputs for y and Y b. What is the farmer's elasticity of supply with respect to input prices for y and Y

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a The revenue maximising outputs for y and y can be derived by setting up the following equations The total revenue TR for y and y can be calculated b... View full answer

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