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For this question, assume that the rm has a production function given by f(z:, 2) = 4413;? Answer the following: Write your answers to 3

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For this question, assume that the rm has a production function given by f(z:, 2) = 4413;?" Answer the following: Write your answers to 3 decimal places. a) Calculate the TRS\"; between input 1 and input 2 Evaluate it at .21 : 2;; 2 4. Cl b) Using the expression for the TRS you used 'in a) (not its value), apply FOC to find the conditional input demand functions for input 'l and 2 What 'is the conditional input demand for input 1 when 101 = w} = 1 and q : 8? Cl c) Using the expression for the conditional input demand functions for input 1 and 2 you found in b}, nd the expression for the cost function c[w1, W21 '1} What is the value of the cost function at W1 = w: = 1 and q : 19? E d) Suppose the firm faces some legal constraints of the total output it can produce Namely, the rm can only produce 1; E [0, 9700]. But its technology. and therefore 'its cost function. 'is not affected by this legal restriction. Using the expression for the cost function you found in C), nd the maximal output level legally produced at which marginal cost is at least as high as average cost. Cl

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