Q2.b (3 points) (b) What is the firm's marginal cost when it is producing y units of output?Q2.c (9 points) Imagine that the price of input 1 is $16 per unit, the price of input 2 is $25 per unit, and the firm has fixed costs of $60. The firm is in a competitive market where the market price is $240 per unit of output. How much should the firm produce? How much profit does the firm make? 02.a (8 points) A firm produces its output using the following production function: i 1 f(x1,x2) = 36143624 where x1 is the amount of input 1 and x2 is the amount of input 2. (a) Find the conditional input demand function for inputs 1 and 2, as well as the cost function for this firm