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Production function for good

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Reference no: EM13887946

Suppose that there is one input, labor (L), and that there are two outputs,  goods  1  and  2.  The  production  function  for  good 1  is y1 = f1(L), and the production function for good 2 is y2 = f2(L).

There is one unit of labor available for use in the production of goods 1 or 2. Calculate a formula for the total output possibility set for goods 1 and 2 and draw it when

(a)   √f1(L) = L and f2(L) = 2L.       

(b)   f1(L) = √L and f2(L) = 2 L.

Reference no: EM13887946

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