(Answered) 1 find the amounts of each inputs that maximize revenue

Economics

1. Find the amounts of each inputs that maximize revenue (ie the price times the quantity of output produced from those amounts of inputs) minus the cost of those inputs.

2. First find the cost minimizing combination of inputs that yield each level of output and then find the level of output that maximizes revenue minus cost (ie the lowest cost way of producing that amount of output).

These 2 methods are equivalent, producing the same optimal production plan.

Are both scenarios True or False?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M92393567
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Economics

Given that the heights of adult males show a mean of 69 and

Given that the heights of adult males show a mean of 69" and standard deviation 2.7." A sample of 37 adult males shows a mean of 68.2" and standard deviation of 2.9." 1. Which of the following is a statistic? a) 69" b) 2 ...

The table shows the results of a survey in

The table shows the results of a survey in which 400 adults from the? East, 400 adults from the? South, 400 adults from the? Midwest, and 400 adults from the West were asked if traffic congestion is a serious problem. Co ...

Three friends tom jerry and mary were having coffee in the

Three friends, Tom, Jerry and Mary were having coffee in the GOSSIP CAFÉ and were discussing their job prospects. Tom told his mates that he has just resigned from his current job because he worked long hours and did not ...

Coach steroid likes his players to be big fast and obedient

Coach Steroid likes his players to be big, fast, and obedient. If player A is better than player B in two of these three characteristics, Steroid will prefer A to B . Three players try out for quarterback. Wilbur ...

Assume that 20 of people in a certain region have a long

Assume that 20% of people in a certain region have a long drive to work (a long drive is considered to be longer than 30 miles). If we select 13 people at random, what is the probability that 2 or fewer will have a long ...

Trans-pacific partnership tppwhat iswas tpp and how was it

Trans-Pacific Partnership (TPP) What is/was TPP and how was it created? Provide a credible citation. What are the economic implications? Provide a credible citation.

In your opinion if the government imposes unit sales tax ie

In your opinion, if the government imposes unit sales tax (i.e. $ tax per unit sold) on a product, will the market equilibrium change? Which one, demand or supply will shift? Increase or decrease? Will new tax cause "dis ...

Assume thatnbspxnbspis a poisson random variable

Assume that X is a Poisson random variable with μ = 22. Calculate the following probabilities. (Do not round intermediate calculations. Round your final answers to 4 decimal places.) (Please explain how you solved t ...

Suppose a bond with no expiration date has a face value of

Suppose a bond with no expiration date has a face value of $10,000 and annually pays a fixed amount of interest of $900. a. In the table provided below, calculate and enter either the interest rate that the bond would yi ...

The time needed to complete the final exam for math 106 is

The time needed to complete the final exam for Math 106 is normally distributed with a mean of 75 minutes and a standard deviation of 10 minutes. For each question below, draw, label, and shade the area that you are inte ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert