Question: Tricycles must be produced with 3 wheels and 1 frame for each tricycle. Let Q be the number of tricycles, W be the number of
Tricycles must be produced with 3 wheels and 1 frame for each tricycle. Let Q be the number of tricycles, W be the number of wheels, and F be the number of frames. The price of a wheel is PW and the price of a frame is PF.
a) What is the long-run total cost function for producing tricycles, TC(Q,PW, PF)?
b) What is the production function for tricycles, Q(F,W )?
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