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Leontief production function

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Things are easy using the so-called Leontief production function. As it applies to food production, we have: YF = F F (KF , LF ) = min {KF , LF } . For example, if capital used in food production is KF = 10 and labor is LF = 6, then production is YF = min {KF , LF } = 6. Notice that the marginal product of a factor drops to zero when you have more of it than you have of the other factor. Its like the production function for baking a cake in which more of a single ingredient does not help.

a) Show that this production function exhibits constant returns to scale.

b) Draw the isoquants corresponding to output levels YF = 1 and YF= 2, label your figure clearly

Reference no: EM133253090

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