Below is the production function for a flour mill, where the input is grain (X = wheat), in bushels (bu) and the output is flour (Y = flour), in pounds (lb). P_X = $5/bu, P_Y = $2/lb.
$\begin{array}{rr}\underline {X}&\underline {Y }\\0 & 0 \\1 & 10 \\2 & 30 \\3 & 60 \\4 & 80 \\5 & 90 \\6 & 84\end{array}$ A. What is the flour mill's objective as a business firm and in completing this chart? B. Explain how the flour mill would identify the profit-maximizing level of input, and state what that level is. C. If the wage rate (P_X) increased, would the flour mill hire more or fewer workers? Explain why. D. If the price of plants (P_Y) increased, would the flour mill hire more or fewer workers? Explain why.

Question

Below is the production function for a flour mill, where the input is grain (X = wheat), in bushels (bu) and the output is flour (Y = flour), in pounds (lb). P_X = $5/bu, P_Y = $2/lb.

\begin{array}{rr}\underline {X}&\underline {Y }\\0 & 0 \\1 & 10 \\2 & 30 \\3 & 60 \\4 & 80 \\5 & 90 \\6 & 84\end{array}

A. What is the flour mill's objective as a business firm and in completing this chart? B. Explain how the flour mill would identify the profit-maximizing level of input, and state what that level is. C. If the wage rate (P_X) increased, would the flour mill hire more or fewer workers? Explain why. D. If the price of plants (P_Y) increased, would the flour mill hire more or fewer workers? Explain why.

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The Answer of Below is the production function for a flour mill, where the input is grain (X = wheat), in bushels (bu) and the output is flour (Y = flour), in pounds (lb). P_X = $5/bu, P_Y = $2/lb. $\begin{array}{rr} \underline {X}&\underline {Y }\ 0 & 0 \ 1 & 10 \ 2 & 30 \ 3 & 60 \ 4 & 80 \ 5 & 90 \ 6 & 84 \end{array}$ A. What is the flour mill's objective as a business firm and in completing this chart? B. Explain how the flour mill would identify the profit-maximizing level of input, and state what that level is. C. If the wage rate (P_X) increased, would the flour mill hire more or fewer workers? Explain why. D. If the price of plants (P_Y) increased, would the flour mill hire more or fewer workers? Explain why.

Below Is the Production Function for a Flour Mill, Where X‾Y‾00110230360480590684\begin{array}{rr}\underline {X}&\underline {Y }\\0 & 0 \\1 & 10 \\2 & 30 \\3 & 60 \\4 & 80 \\5 & 90 \\6 & 84\end{array}X​0123456​Y​0103060809084​

Below Is the Production Function for a Flour Mill, Where $\begin{array}{rr}\underline {X}&\underline {Y }\\0 & 0 \\1 & 10 \\2 & 30 \\3 & 60 \\4 & 80 \\5 & 90 \\6 & 84\end{array}$