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Factors

By December 8, 2021No Comments

FactorsTobacco can be produced using two factors,labor l and machines m.The number of unitsof tobacco produced is f(l,m)=(172m1/2,and the unit costs of l and m are respectivelythe wage w and the cost of capital r.c.4 marks.Write the program of an entrepreneur willing to minimise the costs in orderto produce exactly Q.d.10 marks.Solve for the optimal quantities l*and m*as a function of Q(and factorprices l and m).Does the ratio l*/m*depend on Q?e.4 marks.Write the cost of producing Q at the optimum,and find the value for the unitcost c as a function of w and r.f.4 marks.Assume that a decree forces entrepreneur to use exactly one machine perworker.Write and solve the program of the entrepreneur willing to minimise the costsin order to produce exactly Q under this condition.g.5 marks.Write the cost of producing Q at the optimum,and find the value for c.Showthat the cost is higher than before.Comment.h.4 marks.What is the price chosen by the entrepreneur in this setting?Comment.

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