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QUESTION 4 Afirm uses two inputs x and y, and their prot function is P(x,y)=2xy+2x+3y. Input x costs $2 each and y costs $1 each
QUESTION 4 Afirm uses two inputs x and y, and their prot function is P(x,y)=2xy+2x+3y. Input x costs $2 each and y costs $1 each and they are constrained to spend a total of $1 00 on inputs. If the firm wants to maximise prot, they should use of input x, of input y. In addition, the shadow price will be Round your answer to one demical place only where necessary. QUESTION 5 Given f (x ,y) =4x2+ 7xy + 3)) 3, match the partial derivative with the expression on the right. ' * af(x,y)_ A'8x+7y dx 3'18); ' ' f"11= c.8 _ f\" = QUESTION 6 1 poi Blank 2 Match the multi-variable function on the left with the scale property. Q(K,L) =210.51 1 A. Increasing returns to scale e (K,L) = 7KO.910.1 B. Constant returns to scale C. Decreasing returns to scale Q (K, L) = 5K0.21 0.6 QUESTION 7 1 poi Given f (x,y) =x3 - 4x - 3xy + y 2, the saddle point is ( ) and the local minimum is ( ). Round your answer to 4 decimal places
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