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Economics 360 Spring, 2014 (Microeconomic Theory)

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Question;Problem Set #45. Consider this production function:f(K,L) = min(2K.5, 3L.5)a. What are the returns to scale of this production function? Explain.b. What is the optimal ratio of capital to labor, as a function of input prices r andw? What other type of production function is this one most similar to?Explain.6. Consider this production function:f(K,L) = 10 K.4 L.4a. What are the returns to scale of this production function?b. What are the optimal quantities of K and L, as a function of input prices r, w,and the output price p?c. What is the cost function which corresponds to this production function, whenr=1 and w=2?

 

Paper#56078 | Written in 18-Jul-2015

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