Question: please help with question 2 only QUESTION ONE a) A short run production function is given as = X0.5 , where Q is the output

please help with question 2 only

QUESTION ONE a) A short run production function is given as = X0.5 , where Q is the output and X is the input. Is the production function concave? Show your working. (4 Marks) b) Let p represent the output price and w represent the input price. Derive the firm's profit function. (6 Marks) c) Is the profit function derived legitimate? Show your working. (6 Marks) QUESTION TWO a) Given the following cost function,: IN C(w, w2,y) = 10w/way, where y is the output and w, and w are the prices of two inputs x, and x2 respectively. Check whether the cost function satisfies the properties of a cost function. (7 Marks) b) From the cost function in a) determine the underlying production function. (7 Marks)

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