Question: 1. Consider the following production function, 9= f(2,22) = 44. The input prices are given by w, and we and the output price is

1. Consider the following production function,9 = f(21,22) = 2The input prices are given by w, and w, and the output price

1. Consider the following production function, 9= f(2,22) = 44. The input prices are given by w, and we and the output price is p. Derive the (input) demand functions and the (output) supply function. Calculate the profit functions and use Hotelling's lemma to verify the demand and supply functions calculated above. Now, consider the cost minimization problem and derive the cost function. Use this cost function to maximize profits.

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