Question: The production function is f (x1, x2) = x x, . If the price of factor 1 is $10, the price of factor 2 is

 The production function is f (x1, x2) = x x, .

The production function is f (x1, x2) = x x, . If the price of factor 1 is $10, the price of factor 2 is $30, and the price of the output is $100. What is the maximum profit that the firm can achieve in long run? $320 $100 O $120 O $640 O $80

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!