Problem
Consider the technology represented by y (x)0.4 (x2)0.6 The marginal products are MPI 0.4/xi and MP2 0.6/x2. We now consider the problem of cost minimization.
a. Write the problem of cost minimization. Interpret
b. What is the condition that the optimal choice of inputs has to satisfy? Interpret.
c. Obtain and interpret the cost-minimizing optimal demand functions the inputs.
d. Obtain and interpret the for two optimal cost function.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.