/ Janet has the production function z = · ƒ (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. (b) Find Janet's supply function when the input prices of both inputs are $1 per unit.

/ Janet has the production function z = · ƒ (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. (b) Find Janet's supply function when the input prices of both inputs are $1 per unit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A10

/
Janet has the production function z = · ƒ (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.
(b)
Find Janet's supply function when the input prices of both inputs are $1
per unit.

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