Provide a formula for J and K. Note that these are values on…

Provide a formula for J and K. Note that these are values on the graph’s axis. Hint: The solution must be in terms of the problem’s parameters. To solve this problem, you will use the production level (y), scalars (a, b ,c, d, and e), and input prices (p1 and p2). You may use one or a combination of such parameters. The final formulas must not show x1 nor x2.

The following description will be used in questions 1a to 1d…

The following description will be used in questions 1a to 1d and for bonus question I. Consider two distinct production functions (f1 and f2) that use two inputs (x1 and x2) to produce one output (y). Such functions have the form f1 = min (a*x1 , b*x2) and f2= c*x1+d*x2, where a,b,c and d are positive scalars, p1 is the cost of one unit of input x1, p2 is the cost of one unit of input x2, and y represents the production level.