I’d like more specific on part C Question 1 a} Differentiate among the following: elasticity of substitution, marginal rate of input substitution and elasticity of production [9] b) Briefly discuss

I’d like more specific on part C Question 1 a} Differentiate among the following: elasticity of substitution, marginal rate of input substitution and elasticity of production [9]
b) Briefly discuss the general profit maximization for a factor-pmduct model with respect
to necessary and sufficient conditions. [4] c} Consider the production 1′ = X.""X;’". Find the least cost combination of X, and X:
to produce l2 units of 1" when:
i. PL = 3:13,: = I [5]
ii. Pan =48; PI: =l [5]
d. A farmer has NSlflOllI to spend on two inputs X, and X: whose prices are N520 and N510 respectively. Explain clearly how you would combine the two inputs in
order to maximize the output 1" given that 1′ = XIX}. [Tl

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