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QUESTION
Consider a firm with technology that can be represented by the following production function: f (x1 , x2 ) = min {x1 , x2 } + x2 Input 1 costs w1...
Consider a firm with technology that can be represented by the following production function:
f (x1 , x2 ) = min {x1 , x2 } + x2
Input 1 costs w1 >0 per unit and input 2 costs w2 > 0 per unit.
(a) Draw the isoquant associated with an output of 4. Make sure to label any inter- cepts and slopes.
(b) Find the firm's long-run cost function, c(w1, w2, y).
