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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 gt; 0...
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 intercepts and slopes.
(b) Find the firm's long-run cost function, c(w1, w2, y).
