Total demand for land will be 15cN. The profitmaximizing price is 5 and the profits are The last expression on the right shows that if there are no inferior factors then the output of the firm must increase. By the properties of the Leontief function, we know that if we use x2 and x3 to produce y, we must use 3 units of both x2 and x3 to produce one unit of y.
When prices are 2, 4 he spends This is an increasing function of wealth. The conditional factor demands can be written as: Also, we see that x1 and x2 are not substitutes at any degree. Also, let m be income measured in units of z. Check that the reverse proposition also holds—i.
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If all land is used, then the total outputs must be 10 units of apples and 5 units of bandannas. Area A is what the monopolist would lose by doing this.
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A to work 1 hour and have a utility of zero. Check that the reverse proposition also holds—i. The consumer will choose this consumption point when faced with positive prices.