As you may you call from the chapter on cost functions, Irma's handicrafts has the production function f(x₁,x₂) = (min { x₁,x₂})^1/2, where x₁1 is the amount of plastic used, x2 is the amount of labor used, and f(x₁,x₂) is the number of lawn ornaments produced. Let x1 be the price per unit of plastic and w2 be the wage per unit of labor.

1. Irma's cost function is c(w₁,w₂,y) = ________.
2. If w₁=w₂=1, then Irma's marginal cost of producing y units of output is MC(y) = ________The number of units of outputs that she would supply at price p is S(p) = _ At these factor prices, her average cost per unit of output would be AC(y) = ______.
3. If the competitive price of lawn ornaments she sells is p=48, and w₁=w₂=1, how many will she produce? _______ How much profit will she make? _______.
4. More generally, at factor prices w₁ and w₂, her marginal cost is a function MC(w₁,w₂,y) = _____ At these factor prices and an output price of p, the number of units she will choose to supply is S(p,w₁,w₂) = ________.