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Question: 4 solve x2 as a function of xi s points...

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4. Solve x2 as a function of xi: (S Points) 13. Answer the following questions based on the following production function: y-fx)--11x +660x2. Please show how you found your answer. (15 Points) a) What is the marginal physical product (MPP) function for this production function? b) In terms of inputs, show where the MPP function is at a maximum. Demonstrate that MPP is at a maximum by using derivatives. c) Where does Stage I of the production function turm into Stae IIl of the production function? 14. Answer the following questions based on the following production fiunction: y = fix 1,X2)--2X12 + 28X1-3X22 + 216x2. Please show how you found your answer. (10 Points) a) What is the marginal physical product (MPP) function for this production function with respect to input 1? What is the marginal physical product (MPPa) function for this production function with respect to input 2? What is the extrema point to this production function? What is the maximum you can achieve for output? b) 15. Answer the following questions based on the following production function: y = fixix)-20X1 i3X22/3. Please show how you found your answer. (20 Points) a) Find the isoquant for any given output level. b) If output is equal to 640 and input 1 is equal to 8, how much imput 2 do you need? c) Calculate the marginal rate of technical substitution (MRTS) in terms of inputs by taking d) the derivative of the isoquant you found in part a. Given the information in parts b and c, what is the MRTS? Please explain what this means in an economic sense? 16. Suppose you have 400 acres of land to allocate to corn and soybeans. The production function for com is Y,-25X1扔, where Yi is the amount of bushels of com and Xi is the amount of land used for corn. You also know that the production function for soybeans is Y2 -625x2, where Y2 is the amount of bushels of soybeans and x: is the amount of land used for soybeans. Please find the production possibility frontier (PPF) using soybeans as the dependent variable and corn as the independent variable? (10 Points) a) b) What is the marginal rate of product transformation (MRPT) for the PPF? (S Points)
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