Consider a Firm with Two Technologies to Choose Between When

question 4

Essay

Consider a firm with two technologies to choose between when producing output.The cost function when using technology 1 is given by:
c₁(q)= 3600 + 65q + 36q²
The cost function when using technology 2 is given by:
c₂(q)= 900 + 900q +q²
ᴬˢˢᵘᵐᵉ ᵗʰᵃᵗ ᵗʰᵉ ᶠᶦʳᵐ ᶜᵃⁿ ᵒⁿˡʸ ᶦᵐᵖˡᵉᵐᵉⁿᵗ ᵒⁿᵉ ᵒᶠ ᵗʰᵉ ᵗʷᵒ ᵗᵉᶜʰⁿᵒˡᵒᵍᶦᵉˢ ᵃᵗ ᵃ ᵗᶦᵐᵉ.
a.If the firm wishes to produce output at the lowest per-unit cost,which technology should it choose and how much output should it produce?
b.Which technology should the firm choose if it wishes to produce 15 units of output? What about 25 units of output?

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