Does the law of diminishing returns apply to h

Reference no: EM13218391

Suppose the number of points on an economics midterm (P) can be characterized by the following procution function: P=5H-4B; where H is the number of hours spent studying for the exam and B is the number of beers consumed the week before the exam. Does the law of diminishing returns apply to H? to B? What does the typical isoquant look like for such a production function? Is the production function characterized by increasing, decreasing or constant returns to scale? Explain your answers.

Reference no: EM13218391

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