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Economic.. Let c1(W1,W2; y) = min{7W1,W2}y and c2(W1,W2; y) = 5W1W2^(1/6) there are two functions. (a) Can the function c1 be the cost function of
Economic.. Let c1(W1,W2; y) = min{7W1,W2}y and c2(W1,W2; y) = 5W1W2^(1/6) there are two functions. (a) Can the function c1 be the cost function of a firm? Why? (5) (b) Can function c2 be the cost function of a firm? Why? (5) (c) If one of these functions is the cost function of a firm, find its production function and conditional factor demand functions
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Foundations of Macroeconomics
Authors: Robin Bade, Michael Parkin
8th edition
134492005, 978-0134492001
