A firm faces the production function: q=10L^0.32 K^0.56 (a) What kind of returns to scale does this production function feature? Show work. (b) Does this production function exhibit downward-sloping and convex isoquants? Explain.
A firm faces the production function: q=10L^0.32 K^0.56 (a) What kind of returns to scale does this production function feature? Show work. (b) Does this production function exhibit downward-sloping and convex isoquants? Explain.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 3SQP
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A firm faces the production function:
q=10L^0.32 K^0.56
(a) What kind of returns to scale does this production function feature? Show work.
(b) Does this production function exhibit downward-sloping and convex isoquants? Explain.
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