Question: An Ontario company has 2 variable inputs (X1 and X2) and a production function of one given output which is f X1, X2 ()=X1^1/2 x

An Ontario company has 2 variable inputs (X1 and X2) and a production function of one given output which is f X1, X2 ()=X1^1/2 x X2^1/2. Input 1 (X1) costs an equal salary W1 Input 2(X2) costs an equal wage W2 The price of its output is equal to $4 1) Calculate the Total Revenue (TR) of this company? 2) Calculate the total cost (TC) of this company? 3) Give the equation according to which the value of the marginal product of input 1 is equal to the wage of the input 1? 4) Give the equation according to which the value of the marginal product of input 2 is equal to the wage of the input 2? 5) What is the ratio X1/X2 worth, according to these two equations, if W1=2 W2; Given this function of production, can we solve the two marginal product equations separately for X1 and X2

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