9. For which of the following production functions could the long-run expansion path be vertical, assuming w = r? (Assume, per usual, that K is on the y-axis and L is on the x-axis.) (See Besanko Problem #7.24) a. Q = VL + 2K b. Q = 2L + K c. Q = min (L, 2K) d. Q = 2L + K e. Q = L'/4K3/4
9. For which of the following production functions could the long-run expansion path be vertical, assuming w = r? (Assume, per usual, that K is on the y-axis and L is on the x-axis.) (See Besanko Problem #7.24) a. Q = VL + 2K b. Q = 2L + K c. Q = min (L, 2K) d. Q = 2L + K e. Q = L'/4K3/4
Chapter2: Mathematics For Microeconomics
Section: Chapter Questions
Problem 2.2P
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Transcribed Image Text:9. For which of the following production functions could the long-run expansion path be
vertical, assuming w = r? (Assume, per usual, that K is on the y-axis and L is on the x-axis.)
(See Besanko Problem #7.24)
a. Q = VL + 2K
b. Q = 2L + K
c. Q = min (L, 2K)
d. Q = 2L + K
e. Q = L'/4K³/4
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