For this question, assume that the firm has a production function given by

?(?

1

,?

2

)=7?

1/3

1

?

2/3

2

f(z1,z2)=7z11/3z22/3

Answer the following:

Write to 3 decimal places.

jQuery22403467759393627752_1593717665547?

1,2

TRS1,2

Answer for part 1

?

1

=?

2

=3

w1=w2=3

Answer for part 2

?(?

1

,?

2

,?)

c(w1,w2,q)

Answer for part 3

??[0,8332]

q?[0,8332]

Answer for part 4

For this questionI assume that the firm has a production function given by fizl . 22} = Tzl\" Answer the following: Write your answers to 3 decimal places. a) (0.5 point} Calculate the TESL: between Input 1 and input 2. Evaluate It at z. = z; = 1. Cl b) [1 point) Using the expression for the res you used in a} [not its value}, apply FOC to find the conditional input demand functions for input1 and 2. What is the conditional input demand for input 1 when w] = w; = 3 and q = 4'? Cl c) (0.5 point} Using the expression for the conditional input demand functions for input'l and 2 you found in h}, find the expression for the cost function C(w]. 502,41). What is the value of the cost function at w] = to; = l and q = 5? E cl} [0.5 point} Suppose the firm faces some legal constraints of the total output it can produce. Namely, the firm can only produce 1; E [0, 8332]. But its technology, and therefore its cost function, is not affected by this legs! restriction. Using the expression for the cost function you found in c], find the maximal output level legally produced at which marginal cost is at least as high as average cost. [:1