6 A firm produces a single output according to the production function f(a1, 22) = (min{r1,22}).Input prices are wi and w2, output price is p.(a) Graph an isoquant for this firm for the levels of output Q = 1,4, and 9. Put r2 on thevertical axis, x1 on the horizontal axis, and label all important points.(b) Combining your knowledge of consumer theory with your answer to part (a), if the firm ismaximizing profit, what must be true about the relationship between a1 and r2?(c) Solve for the firm's long-run factor demands.

Production function : Q= [min(x1, x2 )]0.5 Output price = p Input prices : w1 , w2

A firm produces a single output according to the production function f(r1, #2) = (min{ri Input prices are wi and w2, output price is p. %3D (a) Graph an isoquant for this firm for the levels of output Q 1,4, and 9. Put r2 vertical axis, a1 on the horizontal axis, and label all important points. (b) Combining your knowledge of consumer theory with your answer to part (a), if the maximizing profit, what must be true about the relationship between a1 and r2?

A firm produces a single output according to the production function f(r1, #2) = (min{ri Input prices are wi and w2, output price is p. %3D (a) Graph an isoquant for this firm for the levels of output Q 1,4, and 9. Put r2 vertical axis, a1 on the horizontal axis, and label all important points. (b) Combining your knowledge of consumer theory with your answer to part (a), if the maximizing profit, what must be true about the relationship between a1 and r2?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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