Question: Practice question 4. Consider the production function y=x13x2 2'3 where y is units of output, and x1 and x2 are units of inputs 1 and

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Practice question

4. Consider the production function y=x1\"3x2 2'3 where y is units of output, and x1 and 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 rm 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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