Question 4: For the following function: In(c) = a+a, Inw, +a, In w+y Inq 1. What...

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Question 4: For the following function: In(c) = a+a, Inw, +a, In w+y Inq 1. What should be the signs of the coefficients a, and y be? Explain, using the characteristics of the (minimized) cost function. 2. What restriction would you place on , and 2 in order to satisfy the cost function's property of being homogeneous of degree one in "w"? Explain. 3. What is the interpretation of y, in light of the fact that we are working with a homogenous production function? Explain Question 4: For the following function: In(c) = a+a, Inw, +a, In w+y Inq 1. What should be the signs of the coefficients a, and y be? Explain, using the characteristics of the (minimized) cost function. 2. What restriction would you place on , and 2 in order to satisfy the cost function's property of being homogeneous of degree one in "w"? Explain. 3. What is the interpretation of y, in light of the fact that we are working with a homogenous production function? Explain