Question: Problem 1 . Consider cost minimization problem m i n x 1 , x 2 c ( x 1 , x 1 ) = w

Problem 1. Consider cost minimization problem
minx1,x2c(x1,x1)=w1x1+w2x2
y=f(x1,x2)
Consider the production functions:
a)f(x1,x2)=2x112+x212;
b)f(x1,x2)=2x1+x2;
c)f(x1,x2)=min{2x1,x2};
d)f(x1,tilde(x)2)=x112tilde(x)212, where the production factor x2 is fixed in the short run at
the level x2=tilde(x)2.
For each of these production functions, show the solution graphically (draw isoquants
and isocosts and show the point or points that minimize the cost). Also, derive a solution
analytically including conditional factor demand and cost function. USE GRAPHS FOR A-D
 Problem 1. Consider cost minimization problem minx1,x2c(x1,x1)=w1x1+w2x2 y=f(x1,x2) Consider the production

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