0605(a) suppose we have a production function that is cobb-douglas and f(x1,x2)=x1^(1/2)x2^(3/2);i)derive the marginal product of x1 at the point (x1,x2);ii)what happens to the marginal production of x1 with samll increase in X1 if we hold X2 constant?;iii) derive the marginal product of X2 at the point(x1,x2);iv) what is the technical rate of subsititution bewteen x1 and x2?;v)does this technology demonstrate diminishing technical rate of substitution;vi)what type of return to scale dose this technology exhibit? why?
Paper#28655 | Written in 18-Jul-2015Price : $22