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Homework # 6
Homework # 6
Question 1 (a)
Q = 0.2x + 6y + 78z
Solution
Introducing the multiplier “m” in the production function, we get:
Q = 0.2(mx) + 6(my) + 78(mz)
i.e. Q = m[0.2x + 6y + 78z]
or Q = m*Q
We have Constant Returns to scale.
Question 1 (b)
Q = 0.8L2 + 3.5LK + 3.8K2
Solution
Introducing the multiplier “m” in the production function, we get:
Q = 0.8(mL)2 + 3.5(mL)(mK) + 3.8(mK)2
Q = m2 (0.8L2 + 3.5LK + 3.8K2)
Q = m2* Q
We have Increasing Returns to scale.
Question 1(c)
Q = 5A + 5B + 3.8AB
Solution
Introducing the multiplier “m” in the production function, we get:
Q = 5(mA) + ...
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