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Mr. Hunt and Ms. Peck agree to type a manuscript for Professor Paul.
The production function for the manuscript is given to be Q=H1/4P3/4
where Q = the number of typewritten pages, H = the number of hours Mr.
Hunt spends typing, and P = the number of hours Ms. Peck spends typing.
Hunt and Peck receive $4 and $12 per hour, respectively. (A) If
Professor Paul decides to minimize the cost of production, how much of
Mr. Hunt’s and Ms. Peck’ s labor will be used to produce a 300-page
manuscript? (C) What will be the marginal cost of the 227th page? Will
this be greater than, equal to, or less than the average cost of the
227th page?
