Homework Help Forum: 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)

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