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Economics

A tricycle is assembled out of one frame, three wheels and two lights.

a) prepare down a production function of a rm that produces tricycles out of frames, wheels and lights where F denotes for frames,Wdenotes for wheels and L denotes for lights.

b) Given the price of a frame is 100, the price of a wheel is 20 and the price of light is 5. Show the choices of frames, wheels and lights that minimizes the cost of producing 10 tricycles.

c) Given the price of a frame is 80, the price of a wheel is 20 and the price of light is 10. Show the choices of frames, wheels and lights that minimizes the cost of producing 10 tricycles.

d) Comment on the elasticities of substitution for this kind of production functions

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M968684

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