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EXERCISE 4 A rm has cost function 2 . _ y + 1 1fy > 0 C(31) { 0 ify = 0 Let p be

EXERCISE 4 A rm has cost function 2 . _ y + 1 1fy > 0 C(31) { 0 ify = 0 Let p be the price of output. (1) If p = 2, how much will the rm produce? If p = 1, how much will the rm produce? (2) What is the (optimal) prot function of the rm

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