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Help me please i don't know how to do this?
1. Consider the short run production function Y = 2 x1 ^1/3 x2 ^2/3, where x1 = 27.
Suppose p = 100, w1 = 5 and w2 = 4. a) Compute: i. The quantity of x2 that maximizes profits. ii. The quantity of output y, that maximizes profits. iii. The maximum profit. For a(I) I got 21 a(ii) I got 137 b) Consider a firm with the cost function, C(q) = 4q2 + 2q + 100 i. What is the supply function of this firm? ii. Suppose the price of output is 18, what is the profit-maximizing level of output? For b(I) I got P= 2q b(ii)OUTPUT = 8 I AM NOT SURE CAN SOMEBODY HELP ME PLEASE MY EXAM IS NEXT WEEK WEDNESDAY AND I can't GET ANYONE TO HELP ME |
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