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A firm uses 4 inputs to produce 1 output. The production function is f(x1, x2, x3, x4) = min{x1, x2} + min{x3, x4}. (1) What is the vector of conditional factor demands to produce 1 unit of output when the factor price vector is w = (1, 2, 3, 4).

(1) What is the cost function?

(2) 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).

(3) What is the cost function for this firm?

(4) What kind of returns to scale does this technology represent?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M947791

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