Production function

[Chinni18]

Could someone please explain how to do this:

Irma’s handicrafts has the production function f(x1, x2) = (min{x1, 2x2})^1/2, where x1 is the amount of plastic used, x2 is the amount of labor used, and f(x1, x2) is the number of lawn ornaments produced. Let w1 be the price per unit of plastic and w2 be the wage per unit of labor. If the competitive price of the lawn ornaments she sells is p = 48, and w1 = w2 = 1, how many will she produce? How much profit will she make?

[anon_econ]

x1=2x2=y^2. so profit=48y-y^2-y^2/2. find y.

[Mr. Nobody]

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[Mr. Nobody]

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[Chinni18]

Hey your answers are correct  Awesome! 16, 384 it is! I understood Vasudha's explanation, thank you so much! Ram how did you do it, same way?

[ritu]

ram i got these answers too.....probably its correct.....

[Mr. Nobody]

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[ritu]

nevermind ram,it happens smtym:)

[Mr. Nobody]

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[Chinni18]

Thanks people

[ritu]

What happens to a competitive firm whose cost exhibits a decresinhg mc everywhere???give exsmple of such a cost function....
Wouldnt such a firm always incur losses!!!!!