Different types of production function

Assignment Help Business Economics
Reference no: EM13858896

The following are different types of production function. Determine whether each one has constant, increasing or decreasing returns to scale.

a. Q=20L+20K+50

b. Q=30L²+25K²

c. Q=40L+20K+10LK

d. Q=25L0.4K0.8

e. Q=20L0.3K0.6M0.2

Reference no: EM13858896

Questions Cloud

Has martha identified the best target market for trap-ease : Martha and the Trap-Face America investors believe they face a once-In-a-lifetime opportunity. What information do they need to evaluate this opportunity? How do you think the group would write its mission statement? How would you write it?
About the stock returns and retirement account : Stock returns and your retirement account: Suppose your retirement account has a balance today of $25000 and you are 20 years old. If you are invested in a diversified portfolio of stocks, you might hope that the historical return of about 6% continu..
Company sales budget for the second quarter : Problem 1: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below:
Simply use the exchange rate to make conversion : How large is economy of India? Indian GDP in 2010 was 78.9 trillion rupees,while U.S GDP was $14.5 trillion. The exchange rate in 2010 was 45.7 rupees per dollar.  What is the ratio of Indian GDP to U.S. GDP if we do not take into account the differe..
Different types of production function : The following are different types of production function. Determine whether each one has constant, increasing or decreasing returns to scale.
What legal and ethical responsibilities does a firm have : Evaluate the reasons cited by O'Brian for relocation. Are they justifiable? What legal and ethical responsibilities does a firm have to its employees when a decision to cease operations is made
Short-run production function-marginal and average product : A restaurant owner has the following short-run production function: Draw a table showing total, marginal and average product up to an input of ten workers, and plot these on a graph. Show the range of labour where stages I, II and III of production o..
Calculate the missing amounts : Here are incomplete financial statements for Riedy, Inc. Calculate the missing amounts.
Show efficiencies and inefficiencies : Draw a PPC with a bow and why it occurred, label all points and X & Y axis, show efficiencies and inefficiencies and describe with examples. Draw a supply and demand curve, label X & Y axis and show equilibrium. Show shortage and surplus and why they..

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd