Distinguish between returns to scale and returns to a factor

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Reference no: EM13921663

1. Distinguish between returns to scale and returns to a factor.

2. Your company currently uses steel and aluminum in a production process. Steel costs $.50 per pound, and aluminum costs $1.00 per pound. Suppose the government imposes a tax of $.25 per pound on all metals. What affect will this have on your optimal input mix? Show using isoquants and isocost lines.

Reference no: EM13921663

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