For each of the following production functions, please do the following: i) graph the isoquant curve corresponding to Q = 100 (Tip: you don't need to use the same scale on all your graphs); ii) for each of labour and capital, use the corresponding marginal product functions to describe whether diminishing marginal returns exist; iii) find the marginal rate of technical substitution of labour for capital; iv) describe if there are increasing, constant, or decreasing returns to scale.
For each of the following production functions, please do the following: i) graph the isoquant curve corresponding to Q = 100 (Tip: you don't need to use the same scale on all your graphs); ii) for each of labour and capital, use the corresponding marginal product functions to describe whether diminishing marginal returns exist; iii) find the marginal rate of technical substitution of labour for capital; iv) describe if there are increasing, constant, or decreasing returns to scale.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter7: Production And Cost In The Firm
Section7.A: Appendix: A Closer Look At Production And Cost
Problem 1AQ
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