Concept explainers
Refer to Example 3. If labor costs $100 per unit and capital costs $200 per unit, express as a function of two variables,
Example 3
Production in a firm
Suppose that, during a certain time period, the number of units of goods produced when
How many units of goods will be produced by
Show that, whenever the amounts of labor and capital being used are doubled, so is the production. (Economists say that the production function has “constant returns to scale”)
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