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For the production function in problem 1A competitive firm has the following production function: ...

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Accounting

For the production function in problem 1A competitive firm has the following production function:
y=12x1+x22,
(a) Find the firm's supply function y(p,w), the factor demand
functions x1(p,w) and x2(p,w), and the profit function (p,w).
(b) Verify that is increasing in p, nonincreasing in w1, homogeneous 1 in (p,w), and convex in p(if it is convex in (p,w),
then it is also convex in p).(c) Verify Hotellings Lemma.
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