The production function of a firm is given by y = x1x2, where y is the...

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The production function of a firm is given by y = √x1x2, where y is the output level, x₁ is the amount of factor 1 used, and x2 is the amount of factor 2 used. Assume that factor 2 fixed at x 2 = 100 and factor 1 is a variable input. The price of factor 1 is $1 per unit and the price of factor 2 is $4 per unit: w₁ = $1 and w2 = $4. 1. What is the marginal cost of producing y units of output? 2. What is the average fixed cost of producing y units of output? 3. What is the average variable cost of producing y units of output? 4. What is the average total cost of producing y units of output? The production function of a firm is given by y = √x1x2, where y is the output level, x₁ is the amount of factor 1 used, and x2 is the amount of factor 2 used. Assume that factor 2 fixed at x 2 = 100 and factor 1 is a variable input. The price of factor 1 is $1 per unit and the price of factor 2 is $4 per unit: w₁ = $1 and w2 = $4. 1. What is the marginal cost of producing y units of output? 2. What is the average fixed cost of producing y units of output? 3. What is the average variable cost of producing y units of output? 4. What is the average total cost of producing y units of output?

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