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Solved Determine Whether Each of The Production Functions Below Displays Constant

This document contains 6 short passages about economics concepts like production functions, cost minimization, marginal rate of technical substitution, utility maximization, and indifference curves. The passages provide definitions and questions about key terms and whether specific scenarios satisfy the conditions of the concepts.

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M Bilal Saleem
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92 views

Solved Determine Whether Each of The Production Functions Below Displays Constant

This document contains 6 short passages about economics concepts like production functions, cost minimization, marginal rate of technical substitution, utility maximization, and indifference curves. The passages provide definitions and questions about key terms and whether specific scenarios satisfy the conditions of the concepts.

Uploaded by

M Bilal Saleem
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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(SOLVED) Determine whether each of the production

functions below displays constant


Determine whether each of the production functions below displays constant Determine whether
each of the production functions below displays constant, increasing, or decreasing returns to
scale: a. Q = 10K0.75L0.25 b. Q = (K0.75L0.25)2 c. Q = K0.75L0.75 d. Q = K0.25 L0.25 e. Q =
K + L + […]

You are the CEO of large scale corporate farms and your You are the CEO of large-scale
corporate farms, and your managers run two farms in neighboring counties. Your chief financial
officer reports that in both Rice and Reno counties, farm labor can be hired for $7.36 per hour,
farm […]

Baldor Inc measures the marginal rate of technical substitution MRTS Baldor, Inc. measures the
marginal rate of technical substitution (MRTS) at M P L /M P K = 3. The prices of labor and
capital faced by Baldor are such that currently W/R = 4. a. Is Baldor minimizing its […]

Use a diagram to explain the following In the case Use a diagram to explain the following: In the
case of perfect substitutes, if the ratio of input prices equals the MRTS, will a unique solution to
the firm’s cost-minimization problem exist? In the case of perfect substitutes, if the […]

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Suppose that Maureen believes that name brand laundry detergent is twice Suppose that
Maureen believes that name-brand laundry detergent is twice as effective as generic laundry
detergent but that the two goods are otherwise identical. Therefore, her utility function is U(X,Y)
= X + 2Y, where X is ounces of […]

Indicate whether the following statements are true false or uncertain Indicate whether the
following statements are true, false, or uncertain. If false or uncertain, explain why. a. The price
of a watch increases by 10%, and you spend a larger fraction of your income on it. The watch is
a […]

Kim s utility function is given by U 5X Kim’s utility function is given by U = 5X + 2Y, where MUX
= 5 and MUY = 2. a. Suppose that at the prices PX and PY of good X and good Y, respectively,
Kim is consuming (optimally) some positive […]

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