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A firm has a production function f ( x 1 , x 2 )= x 1 1/3 x 2 2/3 . The price of x
A firm has a production functionf(x1,x2)=x11/3x22/3. The price ofx1=1 and the price ofx2=2. Denote the output by y. Derivethe conditional demand forx1(equation for the y and cost minimizingx1)andcost function c(y). If the market price is given by 2,what is the profit maximizing output? If the firm has limit of output which is 100, then derivethe supply curve of this firm(note that in this case of deriving the supply curve, you should consider the general price, not 2).
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