Determine the returns to scale, Microeconomics

Assignment Help:

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.


Related Discussions:- Determine the returns to scale

, #questionLook up the real GDP of the U.S. for the 4th quarter of 2007 an...

#questionLook up the real GDP of the U.S. for the 4th quarter of 2007 and compare it with the real GDP for the 2nd quarter of 2012. What does this tell you about the performance of

Economics Concepts, Suppose taht two people, Michell andJames each live alo...

Suppose taht two people, Michell andJames each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle

PPC help, I don''t understand PPC at all

I don''t understand PPC at all

What are the policies of savings and investment - US Economy, Policies of S...

Policies of Savings and Investment Policies to make sure that savers get reasonable rates of return on their savings have the potential to boost savings rate. Comparing systems

122, 0.767 g of phosphorus and 0.650 g of chlorine were allowed to react. A...

0.767 g of phosphorus and 0.650 g of chlorine were allowed to react. After the reaction was complete, all of the chlorine had been consumed, but 0.650 g of phosphorus remained. How

Trade ., Nations trade what they produce in excess of their own consumption...

Nations trade what they produce in excess of their own consumption to:

Find the equilibrium price and quantity, 1. Assume that the market for whea...

1. Assume that the market for wheat is perfectly competitive. Suppose the demand curve for wheat is given by: QD = 200 – 2P where QD is the quantity demanded, in bushels, and P i

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd