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Can I get help with question 3,4 and 5 please? QUESTION 2 [20 marks] A rm has two variable factors and a production function, f

Can I get help with question 3,4 and 5 please?

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QUESTION 2 [20 marks] A rm has two variable factors and a production function, f (331,552) 2 Factor 1 receives a wage of ml and factor 2 receives a wage of mg. 1. aggr'\". The price of its output is 4. 2 [5 marks] Write an equation that says that the value of the marginal product of factor 1 is equal to the wage of factor 1 and an equation that says that the value of the marginal product of factor 2 is equal to the wage of factor 2. Solve two equations in the two unknowns, 371 and .152, to give the amounts of factors 1 and 2 that maximize the rm's prots as a function of m1 and 11:2. Determine a] and a; when this rm maximizes its prot. [6 marks] Now, solve the prot maximization problem of the rm by using the Lagrangian method. Show that the answer you found in (1) is consistent with the one you found with Lagrang'an method. [3 marks] If the wage of factor 1 is 2, and the wage of factor 2 is 1, how many units of factor 1 will the rm demand? How many units of factor 2 will it demand? How much output will it produce? How much prot will it make? [3 marks] If the wage of factor both factors are 2, how many units of factor 1 will the rm demand? How many units of factor 2 will it demand? H0w much output will it produce? How much prot will it make? [3 marks] Compare your results you found in (3) and (4) in terms of the output and prot level. Does the prot decreases to half when the price of factor 2 doubles

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