Minimum cost with Leontief production technology Let the production function be given by =min{2K,3L}. For this production technology, the cost minimizing input bundle is obtained by the condition 2K=3L. Let the rental rate be r=1, and the wage rate be =1. (a) Find the least cost of producing =60, and =120. (b) Find the least cost of producing =60, and =120, when the rental rate is changed to r=2, and the wage rate be =1. (c) Is there any substitution of inputs due to change in the per unit input costs? Why?

How many months does the federal budget usually take to prepare

If a product goes up in price, and the demand for it drops, that product's demand is a. elastic b. inelastic c. stable d. fixed select the best answer from the choices provided

Croy inc. has the following projected sales for the next five months: month sales in units april 3,850 may 3,875 june 4,260 july 4,135 august 3,590 croy’s finished goods inventory policy is to have 60 percent of the next month’s sales on hand at the end of each month. direct material costs $2.50 per pound, and each unit requires 2 pounds. raw materials inventory policy is to have 50 percent of the next month’s production needs on hand at the end of each month. raw materials on hand at march 31 totaled 3,741 pounds. 1. determine budgeted production for april, may, and june. 2. determine the budgeted cost of materials purchased for april, may, and june. (round your answers to 2 decimal places.)