Question: 8. Consider the production function y = x?/4 + x3 /9. (a) Draw the isoquant for y = 1. (b) What is the technical rate

8. Consider the production function y = x?/4 + x3 /9.

8. Consider the production function y = x?/4 + x3 /9. (a) Draw the isoquant for y = 1. (b) What is the technical rate of substitution? What is unusual about it? (c) Suppose the input prices are w; = w; = 1. Find the point on the y = 1 isoquant where TRS equals 1. What is the total cost of production at that point? Does that point minimize cost for that level of output? If your answer is yes, think again; if not, what is the cost-minimizing factor combination

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