Question: A firm has production function y = f(21, 12) = 6x; + 83. The price of input 1 is $1, the price of input 2

A firm has production function y = f(21, 12) = 6x; + 83. The price of input 1 is $1, the price of input 2 is $4, and the price of output is $8. (a) If the level of input 2 is fixed at 2 = 2 in the short run, then the firm's short-run production function is f(21, 2) = 6x7 + 8(2)?. What is the firm's short run profit maximizing production plan (y, r1)? (b) What is the firm's long-run profit maximizing production plan (y, 21, 72))

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