Question: Let f(x1, x2) = 2x 0.33 1 x 0.33 2 be a production function. Find the short run average cost curve for each of x2

Let f(x1, x2) = 2x 0.33 1 x 0.33 2 be a production function. Find the short run average cost curve for each of x2 = 1, 1.5, 2, 2.5, 3 and for generic prices w1, w2. Find the marginal cost curve as well. Find the long run average cost curve for specific prices of w1 = 0.5 and w2 = 1. Graph your results. Be sure to include (and label) in your graph the levels of output for which the long run average cost curve would coincide with each of the short run curves above (for the specific prices).

(a) Let f(x1,x2) = 2x0-33x933 be a production function. Find the short run average cost curve for each of r2 = 1, 1.5,2, 2.5,3 and for generic prices w1, w2. Find the marginal cost curve as well. Find the long run average cost curve for specific prices of w1 = 0.5 and w2 = 1. Graph your results. Be sure to include (and label) in your graph the levels of output for which the long run average cost curve would coincide with each of the short run curves above (for the specific prices)

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