Homework Help: Economics

Posted by Anonymous on Sunday, November 1, 2009 at 9:10pm.

Please check and correct my answers. Thank you.

Jack Benny can get blood from a stone. If he has x stones, the number of pints of blood he can extract from them is f(x) = 2x^(1/3). Stones cost Jack w dollars each. Jack can sell each pint of blood for p dollars.

a) How many stones does Jack need to extract y pints of blood?

b) What is the cost of extracting y pints of blood?

c) What is Jack’s supply function when stones cost w each? When stones cost $8 each?

d) If Jack has 19 relatives who can also get blood from a stone in the same way, what is the aggregate supply function for blood, Y, when stones cost w dollars each?

------

my answers:

a)
y^3/8

b)
(w)(y^3/8)

c)
S(p,w) = (8p/3w)^(1/2)
S(p) = (p/3)^(1/2)

d)
Y = 20(8p/3w)^(1/2)

No one has answered this question yet.

Answer this Question

Related Questions

ECONOMICS - Perfect Competition - Please check and correct my answers. Thank you...
Physics - A stone is dropped from rest from the roof of a 100-m high building; 2...
Geometry - A two-player game is played with two piles of stones, with sizes m,n...
math - Marcus want to make a stone walkway in his garden.the rectangular walkway...
Physics - Two stones are dropped from the edge of a 60-m cliff, the seconds ...
physics - A 15.0 kg stone and a 150 kg stone are released from rest at the same ...
physics - An inquisitive physics student and mountain climber climbs a 50.0 m ...
Physics - Hi guys, need help with this problem for physics and im having trouble...
physics - . An inquisitive physics student and mountain climber climbs a 50.0-m ...
math - aaron is skipping stones across a pond.(A "skip"is a short ...

For Further Reading

First Name:
School Subject:
Answer: