Reference no: EM133081850
(Production functions, inputs are perfect complements) Fine epoxy is used to produce LEDs and other electrical components. To get stable, good qualities (durability, resistance, adhesion) epoxy, the epoxy resins (R) are cured ("linked") to hardeners (H) like amines and acids, at the following fixed proportion: to produce 1 unit of final epoxy, we need to cure 2 units of R with 1 unit of H. Let ?? be the quantity of final epoxy produced, ??(??, ??).
Then, the production function of epoxy is given by: ??(??, ??) = 1 2 × min(????, ????), for some positive numbers ?? and ??.
a. What is ?? and ???
b. If we want to produce 10 units of the final product epoxy, what would be the least amount needed of R and H?
c. Does the production function of epoxy exhibit increasing, constant, or decreasing returns to scale? (IRS, CRS, or DRS?)
d. Draw a map of some isoquants of this production function
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