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My question: A guy sells lemonade in a competitive market. His...

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Asked 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 expert
Answered by ProfessorIce10914 on coursehero.com

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Step-by-step explanation


 

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