1. Let input prices be (W1,W2) and output price be p. Take as given the production function f (x1, x2 ) = min [571, VX2]

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1 Let Input Prices Be W1 W2 And Output Price Be P Take As Given The Production Function F X1 X2 Min 571 Vx2 1 (25.39 KiB) Viewed 36 times

1. Let input prices be (W1,W2) and output price be p. Take as given the production function f (x1, x2 ) = min [571, VX2]. = (a) (20 points) Derive the cost function. (b) (10 points] Directly use the cost function to derive the output supply function.