Find the combination using the given information

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Reference no: EM13237970

a)briefly explain the concept of " Return to Scale". What form of "Return to Scale" does the following production function exhibit? explain

Q= f (L,K) = L^(0.3) K^(0.7)

b) suppose a cost minimizing firm wishes to change its scale of production and needs to know the combination of labor and capital to employ. If the firms total cost outlay is $14, find this combination using the information below and given that the prices of labor and capital are $1 and $3 per unit respectively

Q 0 1 2 3 4 5 6 7 8

TPl 0 11 20 28 35 41 45 46 46.5

TPK 0 24 45 63 78 87 93 96 97

Reference no: EM13237970

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