I believe I found the cost function, which is attached below. C is where I need help. Thanks. (4) Suppose a firm has a production function given by y = f(x1,r2) = 2x9.25 25. Input pricesare wi = 4 and w2 = 9. The market price is p= 66.%3D(a) Solve the firm's cost minimization problem to find the conditional factor demand func-tions.(b) Find the firm's cost function.(c) Using the cost function, solve the firm's profit maximization problem. c\w1, w2, y) = w1y+w2yw1 0.2521w2 0.252w2w1

We have given the Cobb Douglas production function which produces well-behaved isoquants therefore…

(4) Suppose a firm has a production function given by y = f(r1,x2) = 2x9.25 25. Input prices are wi = 4 and w2 = 9. The market price is p= 66. (a) Solve the firm's cost minimization problem to find the conditional factor demand func- tions. (b) Find the firm's cost function. (c) Using the cost function, solve the firm's profit maximization problem.

(4) Suppose a firm has a production function given by y = f(r1,x2) = 2x9.25 25. Input prices are wi = 4 and w2 = 9. The market price is p= 66. (a) Solve the firm's cost minimization problem to find the conditional factor demand func- tions. (b) Find the firm's cost function. (c) Using the cost function, solve the firm's profit maximization problem.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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