Determine the returns to scale, Microeconomics

Determine the Returns to Scale

Use the following production function and budget constraint to answer the questions below.

Q = L + K                           

1000 = 2L + 4K

a. 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 capital
d. Determine the maximum quantity that can be produced.
e. Determine the production relationship between labor and capital.

Posted Date: 2/15/2013 2:46:16 AM | Location : United States

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