Suppose the two-input production function has corresponding cost function: C (q, (w1, w2) =1+ (w1, w22q2) a.
Question:
Suppose the two-input production function has corresponding cost function:
C (q, (w1, w2) =1+ (w1, w22q2)
a. Find conditional factor demands
b. is the production function homothetic?
c. draw the marginal and average cost curves for w1 = w2 = 1.
d. Find the profit function π (p, (w1, w2) for all values of p > 0, (w1, w2) > 0
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a This is given by the derivative of the cost function with respect t w 1 an...View the full answer
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