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Q$2(7$ points$)$

A technology company named Nexus Systems produces its output using two factors, $x_1$ and $x_2,$ that must be combined in fixed proportions. To produce $2$ units of output, this company needs to combine $4$ units of factor $1$ with $\frac{1}{2}$ a unit of factor $2.$

If the price of factor $1$ is $$3$ a unit and the price of factor $2$ is $$6$ a unit, draw an isocost representing the lowest cost of producing $2$ units of output.

Q$3.$a $(3$ points$)$

The artisan pottery business in Ottawa is a perfectly competitive industry. All firms in the pottery industry have the production function $Q=f(x,y)=\sqrt[3]{2x_1+x_2},$ where $x_1$ denotes the number of skilled labour hours, $x_2$ denotes the amount of clay used, and $Q$ denotes the number of pottery pieces produced.

$($a$)$ Calculate the TRS for firms in this industry.

$q,$

Drop your answer here, or click browse

Supports: PDF$,$ JPG formats

Q$3.$a $(3$ points$)$

The artisan pottery business in Ottawa is a perfectly competitive industry. All firms in the pottery industry have the production function $Q=f(x,y)=\sqrt[3]{2x_1+x_2},$ where $x_1$ denotes the number of skilled labour hours, $x_2$ denotes the amount of clay used, and $Q$ denotes the number of pottery pieces produced.

$($a$)$ Calculate the TRS for firms in this industry.

$q,$

Drop your answer here, or click browse

Supports: PDF$,$ JPG formats

Q$3.$a $(3$ points$)$

The artisan pottery business in Ottawa is a perfectly competitive industry. All firms in the pottery industry have the production function $Q=f(x,y)=\sqrt[3]{2x_1+x_2},$ where $x_1$ denotes the number of skilled labour hours, $x_2$ denotes the amount of clay used, and $Q$ denotes the number of pottery pieces produced.

$($a$)$ Calculate the TRS for firms in this industry.

$q,$

Drop your answer here, or click browse

Supports: PDF$,$ JPG formats

Q$3.$a $(3$ points$)$

The artisan pottery business in Ottawa is a perfectly competitive industry. All firms in the pottery industry have the production function $Q=f(x,y)=\sqrt[3]{2x_1+x_2},$ where $x_1$ denotes the number of skilled labour hours, $x_2$ denotes the amount of clay used, and $Q$ denotes the number of pottery pieces produced.

$($a$)$ Calculate the TRS for firms in this industry.

$q,$

Drop your answer here, or click browse

Supports: PDF$,$ JPG formats

Q$3.$a $(3$ points$)$

The artisan pottery business in Ottawa is a perfectly competitive industry. All firms in the pottery industry have the production function $Q=f(x,y)=\sqrt[3]{2x_1+x_2},$ where $x_1$ denotes the number of skilled labour hours, $x_2$ denotes the amount of clay used, and $Q$ denotes the number of pottery pieces produced.

$($a$)$ Calculate the TRS for firms in this industry.

$q,$

Drop your answer here, or click browse

Supports: PDF$,$ JPG formats