(Please be clear)

Solve the following cost minimization problems. For each of these find the conditional factor demands and c(w1, w2, y):

(a) f(x1, x2) = x ^1/4 1 x ^1/4 2 , and w1 = 1 and w2 = 2

(b) f(x1, x2) = x ^1/2 1 x ^1/2 2 , and w1 = 2 and w2 = 2

Check the explanation

Step-by-step explanation:

Kindly check the attached image below to see the step by step explanation to the question above.

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.