4. Consider a firm with the following production function f(x1,x2) = x/. The firm 1/3 1/3 operates in a competitive market, where the the output price is p = 9 and the factor prices are given by w = 1 and w = 3. (a) (4 points) When the factor demands are = 1 and 2 = 2, the firm can increase its profit by decreasing and increasing X Xz (b) (8 points) When the firm maximizes its profit, its factor demands will be z = At this point, the firm will produce y = s point, points g 3 and 2 = 3 units, and its profit will be (c) (6 points) Think of another firm in a competitive market with the following total cost function: c(y) = 2y2 +-50, where y is the output of the firm. Suppose market price is p40. This profit maximizing firm will produce y= its total cost will be 250 and its profit will be 150 10 units,