Answer to Question #245576 in Microeconomics for Grace

Question

a) describe the properties of Cobb Douglas production function with respect to return and scale.

b) Discuss the sources of risk and uncertainty in production of agricultural good

4, SANUMARC produces fingerlings for sell. The quantity x (kg) of these fingerlings demand each week is related to the wholesale unit price by the equation p=-0.006x+180

The weekly total cost incurred by SANUMARC for producing x kgs of fingerlings C(X)=0.000002x^3-0.02x^2+120x+6000

a) find the marginal cost function C

b) find the marginal revenue function R

c) find the marginal profit function P

d) Compute P (2000) and interpret the results

Answer 1

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