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Answered 3 days After Aug 12, 2022

Solution

Komalavalli answered on Aug 16 2022

59 Votes

1.
x2=y/x1
x2=y/x1-64
    x1
    x2
    y
    MP2
    VMP2
    Stage of prodduction
    64
    0
    0



    64
    1
    8
    8.00
    80.00

    64
    4
    16
    2.67
    26.67

    64
    9
    24
    1.60
    16.00

    64
    16
    32
    1.14
    11.43

    64
    25
    40
    0.89
    8.89
    89
    64
    36
    48
    0.73
    7.27

    64
    49
    56
    0.62
    6.15

    64
    64
    64
    0.53
    5.33

    64
    81
    72
    0.47
    4.71

In order to maximize the profit producer should hire 6 workers
KES 730
KES 20 loss
W2-KES5
More units
Q5
    Quantity
    MU_1
    TU_1
    MU_2
    TU_2
    1

    22

    16
    2
    20
    42
    14
    30
    3
    18
    60
    12
    42
    4
    12
    72
    10
    52
    5
    8
    80
    8
    60
    6
    4
    84
    6
    66
    7
    0
    84
    4
    70
Since the price of both good is higher than Pamela’s income she will consume 0 units of good 1 and 0 units...

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