5. Janet has the production function z = f (x, y) = 2√x + √y where x and y are inputs and z is the output. Janet's production function is strictly concave and increasing in each input. You don't need to show this. (a) Find the cost minimizing bundle of inputs as a function of the input prices and output. Find Janet's supply function when the input prices of both inputs are $1 (b) per unit.
5. Janet has the production function z = f (x, y) = 2√x + √y where x and y are inputs and z is the output. Janet's production function is strictly concave and increasing in each input. You don't need to show this. (a) Find the cost minimizing bundle of inputs as a function of the input prices and output. Find Janet's supply function when the input prices of both inputs are $1 (b) per unit.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:5.
Janet has the production function z = f(x, y) = 2√x + √y where x and y
are inputs and z is the output. Janet's production function is strictly concave and
increasing in each input. You don't need to show this.
(a)
(b)
Find the cost minimizing bundle of inputs as a function of the input
prices and output.
Find Janet's supply function when the input prices of both inputs are $1
per unit.
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