Business, 18.04.2020 00:24 meababy2009ow9ewa
Skateboards must be produced with exactly 4 wheels and 1 board for each skateboard. (Suppose that no assembly is required, so labor is not an input.) Let Q represent the number of skateboards, W the number of wheels, and B the number of boards. The price of a wheel is PW, and the price of a board is PB.
a. Write down the production function for skateboards, Q(W, B).
b. Derive the long-run total cost function for producing skateboards, LRTC(Q, PW, PB).
c. Draw a graph of the demand curve for wheels if the firm wants to produce 100 skateboards.
Answers: 1
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Skateboards must be produced with exactly 4 wheels and 1 board for each skateboard. (Suppose that no...
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