y= f(x1,x2)=x1ax2b Derive the equation for an isoquant curve. If a=b=0.5 , the price of factor 1 is 12, and the price of factor 2 is 3, find the cost minimizing input combinations and the total cost of producing 40 units of output.

y= f(x1,x2)=x1ax2b Derive the equation for an isoquant curve. If a=b=0.5 , the price of factor 1 is 12, and the price of factor 2 is 3, find the cost minimizing input combinations and the total cost of producing 40 units of output.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

Section: Chapter Questions

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y= f(x₁,x₂)=x₁^ax₂^b

Derive the equation for an isoquant curve.
If a=b=0.5 , the price of factor 1 is 12, and the price of factor 2 is 3, find the cost minimizing input combinations and the total cost of producing 40 units of output.

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