You should show the entire isocost line and the entire isoquant by showing several points on each and connecting them

home / homework help / questions and answers / business / economics / assume that the demand for a f Show more home / homework help / questions and answers / business / economics / assume that the demand for a firms product is Your question has been answered! Rate it below. Let us know if you got a helpful answer. Question Assume that the demand for a firms product is QD = 16-2p where p is measured in dollars. The firm uses three inputs and its production function is Q = where here we are using x y and z to represent the quantities of the three inputs. The firm has no control over the prices of its inputs which are px=$1 py=$3 and pz=$2. (c) Maximum profit= 12 (e) Holding z fixed at its optimal value (as found in part c) draw a picture of the profit-maximizing point in x-y space as the tangency of an isocost line and an isoquant. You should show the entire isocost line and the entire isoquant by showing several points on each and connecting them. What is the slope of each curve at the tangency? Show less


 

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