graph input bundle should be if the firm wants to produce 12 units of output. (4pts) d. Now, find the firm's cost-minimizing input bundle (x1, x2) for producing y = 12 units of output. (10pts) Attach File Browse Local Files Browse Content Collection QUESTION 2 20 po 2. A monopolist faces the inverse demand function p - 60 - 2y where y is output. The monopolist has zero fixed cost and has marginal cost of $4 at all levels of output. a. What is the monopolist's marginal revenue as a function of output level y? (5pt) b. Apply the rule MR - MC to find the monopolist's profit-maximizing output level y . (10pts) c. How much is the monopolist's maximum profit? (5pts) Attach File Browse Local Files Browse Content Collection QUESTION 3 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save AllQUESTION 1 20 points Save A 1. A firm has a production function y = min {x1, 3x2, where x ] and x2 are the amounts of the two inputs. Suppose the price of x] is $10 and the price of x2 is $15. a. If the firm uses 3 units of input x ] and 3 units of input x2, how much output can the firm produce? (3pts) b. Sketch the isoquant curve that represents output level y =12. (3 pts) c. Sketch a few isocost lines, together with the isoquant curve you draw in (b), to illustrate on the graph where the cost-minimizing input bundle should be if the firm wants to produce 12 units of output. (4pts) d. Now, find the firm's cost-minimizing input bundle (x], x2) for producing y = 12 units of output. (10pts) ttach File Browse Local Files Browse Content Collection Save and Submit to save and submit. Click Save All Answers to save all answers. Save All AnswersQUESTION 3 3. Output is produced according to production function y = f (L, M) = L M2, where L is the number of units of labor and M is the number of machines used. The cost of labor is $w per unit and the cost of machines is $p per unit. a. (6pts) Draw a graph showing the cost-minimizing input bundle as a tangent point between the isoquant curve and an isocost line. b. (8pts) Find marginal products MPI, and MPM as functions of L and M. c. (6pts) Use the slope condition for tangent point and the production function to solve for the conditional input demand functions L(w, p, y) and M(w, p, y). Attach File lick Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Ans MacBook Pro