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1. (90 points total) Suppose a firm's production function is given as q = 4 Z 1 1/4 1/ 42 2 Let p > 0
1. (90 points total) Suppose a firm's production function is given as q = 4 Z 1 1/4 1/ 42 2 Let p > 0 represent the output price and w >> 0 the vector of input prices ? (a) (20 points) Derive the firm's corresponding cost function, c(w, q), and cost- minimizing factor demands, z; (w, q), i = 1,2. 2
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