Let w1 and w2 represent the prices of inputs 1 and 2, Microeconomics

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Let w1 and w2 represent the prices of inputs 1 and 2

Question: A firm has a production function:

y = f(x₁,x₂) = (2x₁^1/2 + x₂^1/2)²

a) Let w₁ and w₂ represent the prices of inputs 1 and 2 respectively. Find the firm's cost minimizing conditional factor demands.

b) If w₁=2 and w₂ = 1, what is the firm's cost function, c(y)?

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Microeconomics: Let w1 and w2 represent the prices of inputs 1 and 2

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Microeconomics: Let w1 and w2 represent the prices of inputs 1 and 2

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