1.Given Q=4x1/2+2y1/2. P, Wx, and Wy are prices for output, input x, and input y respectively. MPx=2 x"12 andMPy= y112.

(a) Show that the technology exhibits decreasing return to scale.

(b) Write out the isoquant equation for Q=200 (express y as a function of x) and illustrate it in a graph.

(c) In the short run, y=400. Find the short run demand function of x and the supply function of Q.

(d) Derive the short run cost function.

(e) Find the long run demand function of x and supply function of Q.

(f) Derive the long run total cost function.