# Production Assignment | Homework For You

1. Ymir Larson farms near Niffleheim, Minnesota. He works 80 hours a week. He can either grow rutabagas or raise pigs. Every hour that he spends growing rutabagas gives him \$2 of income thisyear. Every hour that he spends raising pigs this year will add \$4 to his income next year. In fact,next year’s weekly income will be 100 + 4H dollars where H is the number of hours he spendsraising pigs this year. Ymir’s utility function is U(c1, c2) = min{c1, c2}, where c1 and c2 are hisconsumption expenditures this year and next year. Ymir doesn’t believe in banks and will neitherlend money nor borrow money.a. Draw Ymir’s budget line for current and future consumption, labeling key points on it.b. How many hours a week will he choose to spend raising pigs?c. How much money will he spend per week on consumption in each year?
2. Clancy has \$1,200. He plans to bet on a boxing match between Sullivan and Flanagan. For \$4, hecan buy a coupon that pays \$10 if Sullivan wins and nothing otherwise. For \$6 he can buy acoupon that will pay \$10 if Flanagan wins and nothing otherwise. Clancy doesn’t agree with theseodds. He thinks that the two fighters each have a probability of of winning. If he is anexpected utility maximizer who tries to maximize the expected value of lnW, where lnW is thenatural log of his wealth, howmany coupons would it be rational for him to buy?
3. For each of the following production functions, draw a diagram showing the general shape of itscorresponding isoquant. Comment on the ease at which labor and capital can be substituted forone another relative to the other two production functions.a. Q = K + L.b. Q = K0.5L0.5.c. Q = min(K, L).
4. A competitive firm has a production function described as follows. “Weekly output is the squareroot of the minimum of the number of units of capital and the number of units of labor employedper week.” Suppose that in the short run this firm must use 16 units of capital but can vary itsamount of labor freely.a. Write down a formula that describes the marginal product of labor in the short run as a functionof the amount of labor used. (Be careful at the boundaries.)b. If the wage is w = \$1 and the price of output is p = \$4, how much labor will the firm demand inthe short run?c. What if w = \$1 and p = \$10?d. Write down an equation for the firm’s short-run demand for labor as a function of w and p.
5. The cost function c(w1, w2, y) of a firm gives the cost of producing y units of output when the wage of factor 1 is w1 and the wage of factor 2 is w2. Find the cost functions for the following firms:a. A firm with production function f (x1, x2) =min{2×1, 3×2}b. A firm with production function f (x1, x2) = 2×1 +3x2c. A firm with production function f (x1, x2) =max{2×1, 3×2} Get Economics homework help today

Don't use plagiarized sources. Get Your Assignment on
Production Assignment | Homework For You
Just from \$13/Page
Calculate the price
Pages (550 words)
\$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Homework Writing Services
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Well written and researched. Looking forward to working with you in future.
Customer 463473, November 10th, 2022
Nursing
Excellent work again. Thanks!!!
Customer 453939, March 24th, 2020
Nursing
I am pleased with my paper. The support team helping me to receive this finally was phenomenal. Thank you
Customer 453993, February 10th, 2020
Good job.
Customer 459305, April 6th, 2022
Statistics
super professional
Customer 462485, May 17th, 2022
Military
Excellent work
Customer 456821, February 26th, 2022
Military
good job
Customer 456821, June 11th, 2022
English 101
Creative!
Customer 460641, April 13th, 2022
As I expected.
Customer 460551, December 15th, 2021
Education
Great job
Customer 463647, January 10th, 2023
Good analysis and computation,
Customer 463053, July 9th, 2022
This was by far one of the best that I have received!
Customer 453375, April 22nd, 2022
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend