Production technology exhibit

Assignment Help Business Economics

Reference no: EM136606

Q1. Do you think the newspaper company trusts you not to get more than one paper? No, they understand the Law of Diminishing Marginal Utility. You will not get any extra utility from that extra paper, and the next day the news is old.

Q2. Following technology function
f(l) = (1/2) l^(1/2) +2
where wage of labor is equal to 1

1. How do I derive the total cost function
2. Is there any range of production characterized by scale economies?
3. Does the production technology exhibit increasing/decreasing/constant returns to scale?

Reference no: EM136606

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