Discuss the content of the concepts of "short run" and "long run" as used in the theory of firm and relate them to returns to scale. 1.2 Give a formal definition of a separable production function, in words and mathematically; and provide a clear verbal description of what it means intuitively. 1.3 1.4 Why is duality in production of interest to a micro economist?

Discuss the content of the concepts of "short run" and "long run" as used in the theory of firm and relate them to returns to scale. 1.2 Give a formal definition of a separable production function, in words and mathematically; and provide a clear verbal description of what it means intuitively. 1.3 1.4 Why is duality in production of interest to a micro economist?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.8P

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