S 2 Question 2The production function is ƒ(x₁, x₂) = x¹/²x1/2. If the price of factor 1 is $12 and the price of factor2 is $24.(a) Write down the firm's profit maximization problem.(b) In what proportions should the firm use factors 1 and 2 if it wants to maximize profits? (222 =?)

Production function exhibits the relationship between the inputs and the output. Profit is the…

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Economics

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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