Technology input and output.

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Chapter 11, Problem 11.1CTE

To determine

Technology input and output.

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Question 1 At the beginning of the year 2021, three friends, Ebo, Michael and Joseph decided to set up a company that produces a special kind of fruit juice called BB fruit juice in a city called St. Botch. As fresh graduate from the University of Professional Studies, Accra, you were employed as the firm's general manager in charge of the day to day running of the company. In order to make informed decisions about the firm's product, you employed an economist, who estimated the demand curve of the firm's product by using information from 30 supermarket as follows: = 99.5 – 2.5Px + 1.25P, – 0.21 + 0.15N + 0.04A Where Qd is the quantity demanded of BB fruit juice in bottles, P, is the per pottle price of BB fruit juice, P, is the per pottle price of Blue Sky, I is the per capita income of the people of St. Botch, N is the number of consumers and A is amount of money the company spends on advertising. y In addition, the economist also estimated the supply function for the product as: =…