Consider the cobb-douglass function

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Consider the Cobb-Douglass function f(x1, x2) = (x1) α(x2) β , where α and β are both constants strictly between 0 and 1.

1) Pick any values for α and β such that α + β < 1, and pick a number c. Then graph the contour curve for f(x1, x2) = c. Do this by plotting 10 different (x1, x2) points that solve f(x1, x2) = c, and then connecting them with a smooth curve.

2) Do the previous problem for two different values of α and β, but this time choose them so that α + β > 1.

Reference no: EM131239073

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