(Answered) Q 1 for the following quadratic production function for

Economics

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.

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Microeconomics, Economics

Category:- Microeconomics
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