Suppose that Al Deardwarf from the last problem cannot vary the amount of wood that he uses in the short run and is stuck with using 20 units of wood. Suppose that he can change the amount of plastic that he uses, even in the short run. (a) How much plastic would Al need in order to make 100 deer? (b) If the cost of plastic is $1 per unit and the cost of wood is $1 per unit, how much would it cost Al to make 100 deer? (c) Write down Al’s short-run cost function at these factor prices.
Needs help with similar assignment?
We are available 24x7 to deliver the best services and assignment ready within 3-4 hours? Order a custom-written, plagiarism-free paper
Order Over WhatsApp
Place an Order Online