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Analytical questions 1. A firm has production function mar) = (moi ,0 e (0,1): Denote the price of output by p= capital price v, and
Analytical questions 1. A firm has production function mar) = (moi ,0 e (0,1): Denote the price of output by p= capital price v, and labor price w. a. Find the RTS between two inputs b. Solve the cost minimization problem niliIn-vk+ ml, at q = (k9 +3\")? c. Find the cost function C(w, c: g). (1. Verify Shepard's lemma (on labor). 300mm) 61"} : l(w1v1q) e.* Solve the cost minimization problem with a new production function: IIgiIn-vk + ml, 3.1;. q = [[mlaz')'U + (,8!)"]% . [Hint use change of variable to help you nd the answer]
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