3. Characterize whether or not the production function is homogenous (if it is homogenous, characterize the degree of homogeneity) 4. Characterize the returns to scale of the production function (a) (doing the same for production function (b) is far more difficult, and optional) Production Functions: a) y = xxx²x² b) y = ln(1 + x1X₂ + X₁ X3 + X₂X3)
3. Characterize whether or not the production function is homogenous (if it is homogenous, characterize the degree of homogeneity) 4. Characterize the returns to scale of the production function (a) (doing the same for production function (b) is far more difficult, and optional) Production Functions: a) y = xxx²x² b) y = ln(1 + x1X₂ + X₁ X3 + X₂X3)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Only 3 and 4 please
![Question 1: Features of Production Functions
For each of the following production functions,
1. Find the marginal product of input x1. Is the marginal product always positive? Is the
marginal product increasing, constant or diminishing?
Determine whether the function is separable between two groups of variables (e.g. start
with asking whether consider input 1 and 2 are separable separated from input 3 and so
forth. Before you do all possible groups, do you need to? If not, why not?):
3. Characterize whether or not the production function is homogenous (if it is homogenous,
characterize the degree of homogeneity)
2.
4. Characterize the returns to scale of the production function (a) (doing the same for
production function (b) is far more difficult, and optional)
Production Functions:
a) y = xf xx%
b) y = In(1+ x1X2 + X1X3 + X2X3)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87b53351-2067-4a4d-a81c-a5cf0ffaa5a8%2F2b4a5a0d-35d1-4a3e-941d-bfa83169dc9d%2Fji6td7b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 1: Features of Production Functions
For each of the following production functions,
1. Find the marginal product of input x1. Is the marginal product always positive? Is the
marginal product increasing, constant or diminishing?
Determine whether the function is separable between two groups of variables (e.g. start
with asking whether consider input 1 and 2 are separable separated from input 3 and so
forth. Before you do all possible groups, do you need to? If not, why not?):
3. Characterize whether or not the production function is homogenous (if it is homogenous,
characterize the degree of homogeneity)
2.
4. Characterize the returns to scale of the production function (a) (doing the same for
production function (b) is far more difficult, and optional)
Production Functions:
a) y = xf xx%
b) y = In(1+ x1X2 + X1X3 + X2X3)
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