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Can someone please help with the problem below? Thanks!


alt="Screen Shot 2019-10-02 at 10.02.39 AM.png" />

Screen Shot 2019-10-02 at 10.02.39 AM.png

Consider the production function f(21, $2) = min($1, 12)
(a) Suppose we are in the short run and r, is fixed at some 12. Sketch the
production set with output on the y axis and z, on the x axis. Be sure to
label :2.
(b) Sketch an isoprofit line corresponding to the case p > wj through the
point y = 12, 21 = $2.
(c) Sketch an isoprofit line corresponding to the case p < wj through the
point y = 12, 21 = 12..
(d) Solve for the factor demand for r, as a function of w1; p, and 12 (still in
the short run).

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