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(Solved by Expert Tutors) what are the steps to find the answer to #4.?A firm that uses>


A firm that uses

two inputs x and y has production given by?U(x, y) = 5x1/3y1/3, for x, y ? 0?
The cost of input x is $20 and the cost of input y is $40 and the firm earns $96 for each unit of output. Futhermore,the firm is contrained by the government to use exactly 100 units of x.?


(a) (4 pts) How much of y does it use to maximize profit?(b) (3 pts) What is the most that the firm is willing to bribe the government inspector to use a little more x?










 


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Apr 19, 2020

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