Solved: What is long-run total cost function for producing tricycles, Microeconomics

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What is long-run total cost function for producing tricycles

Problem

Tricycles must be produced with 3 wheels and 1 frame for each tricycle. Let Q be the number of tricycles, W be the number of wheels, and F be the number of frames. The price of a wheel is PW and the price of a frame is PF.

a) What is the long-run total cost function for producing tricycles, TC(Q, PW, PF)?

b) What is the production function for tricycles, Q(F, W )?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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