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1. Supply with Cobb-Douglas Technology (14p) Suppose that a profit-maximizing chemical firm has a Cobb-Douglas production function Y= xcrfl-a where: y output of the firm's

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1. Supply with Cobb-Douglas Technology (14p) Suppose that a profit-maximizing chemical firm has a Cobb-Douglas production function Y= xcrfl-a where: y output of the firm's final chemical product x variable input of a toxic compound used in production K fixed level of the firm's capital stock, i.e., plant and equipment (in other words: a constant) a output elasticity parameter (0

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