Derive the isoquant equation for production function

Reference no: EM13710952

Q 1) For the following quadratic production function for production of an output Y, using two variable inputs, X₁ and X₂ : Y=18X down1-X₁power2+14Xdown2-X2power 2 derive the isoquant equation for this production function by solving for X1.

Show your work clearly and do not omit important steps

Q 2) Derive the marginal criterion for profit maximization for a farm business as a function of output. Explain each of the terms in the marginal criterion you have derived

Reference no: EM13710952

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