Given that the input x is used by the farmer to produce two outputs y and...
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Given that the input x is used by the farmer to produce two outputs y₁ and Y₂. = 0.5 Y₁ = x0.³3 and y₂ = У1 y2 Where the amounts of x used in producing y₁ and y₂ are given by xy₁ and xy2₂. If the cost of each unit of x is v, a. Derive the revenue maximising outputs for y₁ and Y₂ b. What is the farmer's elasticity of supply with respect to input prices for y₁ and Y₂ Given that the input x is used by the farmer to produce two outputs y₁ and Y₂. = 0.5 Y₁ = x0.³3 and y₂ = У1 y2 Where the amounts of x used in producing y₁ and y₂ are given by xy₁ and xy2₂. If the cost of each unit of x is v, a. Derive the revenue maximising outputs for y₁ and Y₂ b. What is the farmer's elasticity of supply with respect to input prices for y₁ and Y₂
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Answer rating: 100% (QA)
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 the full answer
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