Describing the firms map of isoquants

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Reference no: EM13896681

A firm uses two variable factors and a production function of f(x,y) = (2x + 4y)^.5

a. Write down an equation describing the firm’s map of isoquants

b. If the price of output is $4, the price of factor x is w = $2, and the price of factor y is z = $3, what would be the profit maximizing amount of factor x and y.

c. Write down the demand function for factors x and y for any output price p, and factor prices, w and z.

Reference no: EM13896681

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