2. The production function is y = min{x1, X2} where X1 and X2 are the amounts of two inputs used. The price of X1 is $18 and the price of X2 is $20. To produce any output y with minimum cost, the input bundle of choice is the point on the isoquant that is on the lowest possible isocost. This is the comer point where the two components inside the curly brackets are equal: X1 = X2. Further, the input bundle (X1, X2) must produce the required output y, as determined by the above production function. These two conditions are used to solve for the cost-minimizing input bundle. a. Draw isoquant at given output level y and a couple of isocost lines to show that the corner of the isoquant is the cost-minimizing input bundle. (2pts) b. If the rm wants to produce y = 120 units of output, what is the cost-minimizing input bundle (x1, X2)? How much is the (minimum) cost? (2pts) c. What is the rm's total cost function c(y)? (2pts) 3. The production function is y = min{X1, 3X2} where X1 and X2 are the amounts of two inputs used. The price of X1 is $16 and the price of X2 is $21. Follow the method used in Problem 2. a. If the rm wants to produce y = 150 units of output, how much is the (minimum) cost? (3pts) b. What is the rm's total cost function c(y)? (3pts)