Reference no: EM137866
Q. A firm uses 4 inputs to produce 1 output. The creation function is f(x1, x2, x3, x4) = min{x1, x2} + min{x3, x4}.
(1) Elucidate what is the vector of conditional factor demands to make 1 unit of output when the factor price vector is w = (1, 2, 3, 4).
(2) What is the cost function?
(3) Another firm has a production function f(x1, x2, x3, x4) = min{x1 + x2, x3 + x4}. What is the vector of conditional factor demands to produce 1 unit of output when prices are w = (1, 2, 3, 4).
(4) Elucidate what is the cost function for this firm?
(5) Elucidate what type of returns to scale does this technology represent?
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