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5. Jesper is a mail carrier who wants to produce good will between the Ellingboes and the Krums. He produces the good will via the
5. Jesper is a mail carrier who wants to produce good will between the Ellingboes and the Krums. He produces the good will via the function f (x1, x2) = 3x1^(4)x2^(2)where x1 denotes letters to Klaus and x2 denotes mittens. (a) What is Jesper's marginal product for letters? (b) What is Jesper's marginal product for mittens? (c) What is Jesper's technical rate of substitution? (d) If the price of a letter is $1 and the price of mittens is $2, what is the negative price ratio? (p1 should be in the numerator) (e) Set the negative price ratio equal to the TRS and solve for x1 (f) Plug this value back into the production function (g) If Jesper wants to produce 768,000,000 units of good will, how many mittens will he need? (h) How many letters will he need
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