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Author Question: Suppose the production function for coffee (C) is C = min(B,W), where B = beans in pounds and W = ... (Read 64 times)

abc

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on: Jul 1, 2018
Suppose the production function for coffee (C) is C = min(B,W), where B = beans in pounds and W = water in gallons. Suppose the price of water is .10 per gallon and the price of beans is 10 per pound. The expansion path is
 a. B = 10W
  b. B = .1W
  c. B = W
  d. 10 = B + W

Question 2

Suppose the production function for coffee (C) is C = min(B,W), where B = beans in pounds and W = water in gallons. Suppose the price of water is .10 per gallon and the price of beans is 10 per pound. The cost minimizing combination of beans and water for C = 200 is
 a. B = 200, W = 2000
  b. B = 2000, W = 200
  c. B = 100, W = 100
  d. B = 200, W = 200


Jordin Calloway

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Reply #1 on: Jul 1, 2018
Answer to Question 1

c

Answer to Question 2

d


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