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3) (27 points) In this guestion we are going to play with f(xiX2)- 8xia + x2 for different values of a, where a>0. Throughout the question assume that wi-4, w2-1. (6 points returns to scale? For what values does it exhibit constant returns to scale? Finally, for what values does it exhibit decreasing returns to scale? a. For what values of a does the production function exhibit increasing b. (7 points) Assume that a-1, so f(x- 8xi +x2. Draw the isoquant through the point z-(1,8). Clearly label at least 2 points on the isoquant. What is the cost minimizing combination of inputs to produce an output ofy-16? c. (7 points) Assume that a-0.5, so f(x- 8x11/2 + x2. Draw the isoquant through the point z-(1,8). Clearly label at least 2 points on the isoquant. What is the cost minimizing combination of inputs to produce an output ofy-16? (7 points Assume that a=2, so f(x)-8X12 + X2. Draw the isoquant through the point z-(1,8). Clearly label at least 2 points on the isoquant. What is the cost minimizing combination of inputs to produce an output ofy-16:? d.

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