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For the production function f($) : $1133: (a) Plot the points where f (m) = 9 and IE] = 1, 1:1 = 9/4, 2:1 =
For the production function f($) : $1133: (a) Plot the points where f (m) = 9 and IE] = 1, 1:1 = 9/4, 2:1 = Q. If we joint these 3 points, what object are we constructing? (b) Derive the long run conditional input demand function and cost function when w] = 1 and w: = 10. (c) Is the cost function concave or convex? Explain your answer. (d) Again for on = 1 and 1122 = ll], derive the short run condi- tional demand of factor 1 when $3 E 2. Derive also the short run cost function. (e) Compare c and 0'93 at y = 40 and explain what is going on
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