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Suppose that a firm’s production function is given by Φ(?1,?2)=?1?2. The firm incurs per-unit input costs...

Suppose that a firm’s production function is given by Φ(?1,?2)=?1?2. The firm incurs per-unit input costs of ?1 and ?2 when employing inputs ?1 and ?2, respectively. Derive the firm’s conditional input demand functions ?1?(∙) and ?2?(∙) and the firm’s total cost function ??(∙).

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