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Suppose instead of maximizing prot, Gi-hun must produce exactly 6 units of dalgona in the least costly way possible. As in the previous problem, the
Suppose instead of maximizing prot, Gi-hun must produce exactly 6 units of dalgona in the least costly way possible. As in the previous problem, the production function is D=H1"3L\"3, honey costs 50 won per unit, and labor costs 100 won per unit. a. Write down an equation describing all combinations of inputs that produce exactly 6 units. (3 points} b. Solve the equation from part {a} for L, so that L is expressed as a function of H. Graph the isoquant represented by this equation. {4 points) c. Find the marginal products of H and L, and the technical rate of substitution {TRS}. (4 points) d. Write down an equation relating the TRS to the input prices. (3 points] e. Using the equations from parts {a} and {d}, solve for the cost-minimizing amounts of both inputs. Calculate the cost of this combination of inputs. {4 points) f. 0n graph from part {b}, draw a point representing the cost-minimizing amount of both inputs. Also graph the isocost line going through this point. (3 points} g. Suppose the Gi-hun needs to cut output in half to 3 units. Would halving production reduce cost by half, more than half, or less than half of the original production cost? Explain your answer. Hin 1': you can either coicuiote this cost directiy using the steps above, or you can use the properties of the production function to explain your answer. {4 points}
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