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nakungth nakungth
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6 years ago
Michael's dairy farm's cost function is C(q) =  ,  where q is the amount of output and A is the average age of Michael's employees.  Currently, the average age of Michael's employees is 32.  Next year, Michael expects the average age of his employees to decrease by 3 years due to job turnover.  What happens to Michael's cost of production if he is correct?
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Microeconomics

Microeconomics


Edition: 8th
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#1
6 years ago
Presently, Michael's costs are: C0(q) =  .  Costs next year will be given by:
C1(q) =  .  Michael's change in costs will be:
ΔC(q) =  C1(q) – C0(q) =   = 0.716q6/5.
nakungth Author
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#2
5 years ago
Thank you!
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