Mathematical economics


Problem of A firm production function 4x1/3 y1/3, Price of output is 1 and price of each input is 1. Constrained is to use 1000 units of input x. A) How much of input y does it use? B) What is approximately the maximum amount the firm is willing to pay to be allowed to use more units of input x, for small?

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Microeconomics: Mathematical economics
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