Question
Answered step-by-stepAsked by JudgeOxide8211 on coursehero.com
My question: A guy sells lemonade in a competitive market. His...
My question:
A guy sells lemonade in a competitive market. His production function is f(x1,x2)=x11/3 x x21/3
Where 1/3 above is raised to 1/3
Output in gallons
X1=number of pounds
X2=number of labor hours
W1=$27 pound of lemons
W2=$1 wage rate
At cost minimizing input bundle, how much labor-hours are spent per pound of lemons?
Answer & Explanation
Solved by verified expertAnswered by ProfessorIce10914 on coursehero.com
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