Question: Given f(x)=2 x 1^( 1/4) x 2^( 1/4) , (a) Calculate the revenue function and the profit function with input demand function and output demand
Given f(x)=2x1^(1/4)x2^(1/4),
(a) Calculate the revenue function and the profit function with input demand function and output demand function
(b) Find maximum revenue and maximum profit with (w1, w2, p) = (2,18, 20) and (w1, w2, p) = (4, 18,20)
(c) Plot the Isoprofit lines with the given data and production function.
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