In the numerical example of Hamburger Heavens production function in Chapter 6, we examined the consequences of
Question:
q = 20√KL
a. Assuming this shift does not change the cost minimizing expansion path (which requires K = L), how are long-run total, average, and marginal costs affected?
b. More generally, technical progress in hamburger production might be reflected by
q = (1 + r) √KL
Where r is the annual rate of technical progress (that is, a rate of increase of 3 percent would have r = .03). How will the year-to-year change in the average cost of a hamburger be related to the value of r?
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a Now K L so q 20 L TC vK wL 5K 5L ...View the full answer
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Related Book For
Intermediate Microeconomics and Its Application
ISBN: 978-0324599107
11th edition
Authors: walter nicholson, christopher snyder
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