A company producing cell phone cases uses either rubber (x) ) or plastic (x) with the following production function: y= x+ where y stands for the number of cases produced, and x) and x2 stand for, respectively, the amount of rubber and the amount of plastic used (both in ounces). 1st attempt Feedback See Hint Suppose the firm has signed a contract to purchase 180 ounces of rubber. This contract must be honored. Furthermore, the rubber has a very short shelfr life if not used for production. That is, if the rubber is not used immediately, it will be wasted. Let on be the price of an ounce of rubber, and o be the price of an ounce of plastic. Suppose the firm wants to make 330 cell phone cases. The conditional factor demand for ounces of plastic totals 500 • 5, and zero otherwise.

A company producing cell phone cases uses either rubber (x) ) or plastic (x) with the following production function: y= x+ where y stands for the number of cases produced, and x) and x2 stand for, respectively, the amount of rubber and the amount of plastic used (both in ounces). 1st attempt Feedback See Hint Suppose the firm has signed a contract to purchase 180 ounces of rubber. This contract must be honored. Furthermore, the rubber has a very short shelfr life if not used for production. That is, if the rubber is not used immediately, it will be wasted. Let on be the price of an ounce of rubber, and o be the price of an ounce of plastic. Suppose the firm wants to make 330 cell phone cases. The conditional factor demand for ounces of plastic totals 500 • 5, and zero otherwise.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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