Question: Show me the steps to solve: A rm ' s production function is f ( x 1 ; x 2 ) = ( minfx 1

Show me the steps to solve: A rm's production function is f (x1 ; x2)=(minfx1; 5x2g)1=2. If the price of factor 1 is w1=4 per unit and the price of factor 2 is w2=15 per unit, then its supply function is given by the equation S(p)=(a) p=14.(b) p(maxfw1; 5w2g).(c) p(minfw1; 5w2g).(d)7p.(e) pminf4p; 75pg.

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