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Determine the Returns to ScaleUse the following production function and budget constraint to answer the questions below.
Q = L + K
1000 = 2L + 4Ka. Determine the returns to scale property of the production function.b. Determine the returns property to each factor.c. Determine the optimal quantities of labor and capitald. Determine the maximum quantity that can be produced.e. Determine the production relationship between labor and capital.
Absolute advantage is the simplest yardstick of economic performance and it may be simply describe as If one person or a firm or a country may produce more of something with the sa
What are the properties of indirect utility function? Properties of the indirect utility function: While u(x) is continuous and monotonic onto R L + and (p, m) > 0, the in
assignment of demand thorey
The goal of sustainability requires that we address what three questions? The goal of sustainability needs that we address whether economic activities are financially sustainab
(a) Reasons of Urban Growth (b) Characteristics of Urban Growth (c) Economic Life of a Building (d) Zone of Transition (e) Location Theory (f) Patterns of Growth Theory (g) Growth
Player 2 C B A 1,2 3,2 B 2,3 a, b Player 1
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(1) The demand curve for oranges is given by the equation P = 5 – Q/200. The supply curve is given by P = Q/800. Q is measured in oranges per day and price is measured in dollars p
Returns to Scale in Carpet Industry * The carpet industry has grown from the small industry to large industry with some large firms. * Question - Can the growth be illu
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