Answered: 1.Find the firm's demand for inputs (as…

1.Find the firm's demand for inputs (as a function of output and the input prices) 2. Find the cost function of the firm. 3.For w1= 1 and w2= 1, find the firm's supply function.

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

Solve...

A firm has production function f(X1,X2)=X1^(1/4)
X2^(1/4). The prices of the inputs wland w2."
1.Find the firm's demand for inputs (as a function
of output and the input prices)
2. Find the cost function of the firm.
3. For w1= 1 and w2= 1, find the firm's supply
function.

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