Question: 2. Let input prices be (w1, w) and output price be p. Take as given the

Question:

Transcribed Image Text:

2. Let input prices be (w1, w) and output price be p. Take as given the production function f (x1, x2) = min , 32. First derive the cost function. Then directly use the cost function to derive the output supply function. 2. Let input prices be (w1, w) and output price be p. Take as given the production function f (x1, x2) = min , 32. First derive the cost function. Then directly use the cost function to derive the output supply function.