q4 ps5 Hello can you please help me solve this question please, both A and B? Thank you 4. A firm has technology such that it can produce. q = L + Ka. What name do we give to this production function?b. Assume output q = 30. Draw the isoquant in a suitably labelled graph.

A This production function is called a Perfect Substitutes production function One input can be…

Answered: q4 ps5 Hello can you please help me…

Business

Economics

q4 ps5 Hello can you please help me solve this question please, both A and B? Thank you

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 21PAE

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q4 ps5

Hello can you please help me solve this question please, both A and B? Thank you

4. A firm has technology such that it can produce. q = L + K
a. What name do we give to this production function?
b. Assume output q = 30. Draw the isoquant in a suitably labelled graph.

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24. A specific production process can be represented by the production function, f(x1, x2) = (x 1/2 + x 1/3) 3. A. How much x₁ could the firm give up if it wanted to use 1 extra unit of x2 and still wanted to produce an identical level of output? B. Labeling everything and being precise, draw the isoquant corresponding to q = 4. = 9. C. On the same graph, draw the isoquant corresponding to q D. Between the isoquants you just drew, does the production technology display decreasing, increasing, or constant returns to scale? E. Analytically determine whether the production process has global returns to scale that match your local results from part D. Recall that in order to claim global returns to scale, your result must hold for ALL possible values of x1 and x2.