Question: Consider the production function y=x 1 1/3 x 2 2/3 where y is units of output, and x 1 and x 2 are units of

Consider the production function y=x₁^1/3x₂^2/3 where y is units of output, and x₁and x₂ are units of inputs 1 and 2, respectively.

a)If the unit input factor costs of input 1 and 2 are 1 and 16, respectively, what are the conditional factor demands for each input?

b)What is the long run total cost function for a firm producing using this technology when the factor cost of input 1 is 1 and the factor cost of input 2 is 16?

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