Question: 5. (15%) Let f be a production function that exhibits increasing returns to scale (IRS), and wi and uy be the market prices of inputs

5. (15%) Let f be a production function that exhibits increasing returns to scale (IRS), and wi and uy be the market prices of inputs 1 and 2, respectively. Pick any y >0 and any t > 1; let (1, 3) be a cost-minimizing input bundle to produce the output quantity y. Denote C for the cost function, and AC for the average cost function. In the steps listed below, fill in the blanks with either a symbol among , , or the name of a theorem, or one of the items suggested in the parenthesis following the blank: a. C()--.W13i+w2x b. f(tai, tuz) tf(21,2)--ty c. By the theorem, with differentiable and f(0,0) = 0, there exists an & such that f(sx1,5x2) =ty and (0 v

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