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Given the production function y = x₁¹/2+x₂¹/2, what is the formula for the expansion path? x₂ = (^) x₁ O x₂ = (22) ²*, X1 0x₂= O - (+)²³x₁ X1 x₂ = K

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Given the production function y = x₁ ¹/2+x₂¹/2, what is the formula for the expansion path?
0 x₂ = ( )x₁
O
O
O
O
x₂
=
X1
2 = (²²) x₂
x₂ = ( ²² ) ² x ₁
D

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