Business, 22.05.2020 04:09 momo1039

Professor Smith and Professor Jones are going to produce a new introductory textbook. As true scientists, they have laid out the production function for the book as q=S1/2J1/2q=S1/2J1/2, where q = the number of pages in the finished book, S = the number of working hours spent by Smith, and J = the number of hours spent working by Jones. After having spent 900 hours preparing the first draft, time that he valued at $3 per working hour, Smith has to move on to other things and cannot contribute any more to the book. Jones, whose labor is valued at $12 per working hour, will revise Smith's draft to complete the book. a. How many hours will Jones have to spend to produce a finished book of 150 pages? b. What is the marginal cost of the 150th page of the finished book? Of the 300th page?

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Professor Smith and Professor Jones are going to produce a new introductory textbook. As true scient...

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