Answer
The demand function for inputs is the minimum of z1 to the power of α and β times z2. In other words, the demand function is the smallest of the two quantities. This can be expressed as min(z1^α, βz2).

Definition of Demand Function

The demand function is an equation that describes the relationship between the price of a product and the quantity of that product that consumers are willing to purchase. It is a key concept in economics, and it is used to help businesses determine the pricing of their products or services.

Demand Function for Inputs

The demand function for inputs is the minimum of z1 to the power of α and β times z2. In other words, the demand function is the smallest of the two quantities. This can be expressed as min(z1^α, βz2). This demand function is useful for businesses that need to determine the amount of inputs they need to purchase to produce a given quantity of output.

Interpretation of Demand Function

The demand function for inputs can be interpreted as the smallest amount of inputs needed to produce a given quantity of output. This is useful for businesses that need to determine the optimal level of inputs to purchase in order to produce a given quantity of output.

Example of Demand Function

For example, if a business needs to produce 100 units of output, it may use the demand function to determine the minimum amount of inputs needed to produce that output. If z1 is the number of units of input 1 and z2 is the number of units of input 2, the demand function may look like this: min(z1^2, 3z2). This means that to produce 100 units of output, the business needs to purchase at least the minimum of (z1^2, 3z2).

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