What is the production function if L and K are perfect substitutes and each unit of q
Question:
What is the production function if L and K are perfect substitutes and each unit of q requires 1 unit of L or 1 unit of K (or a combination of these inputs that equals 1)?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
Q...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Microeconomics Theory And Applications With Calculus
ISBN: 978-0134167381
4th Edition
Authors: Jeffrey M. Perloff
Question Posted:
Students also viewed these Business questions
-
Firm 1 and Firm 2 use the same type of production function, but Firm 1 is only 90% as productive as Firm 2. That is, the production function of Firm 2 is q2 = f(L, K), and the production function of...
-
A production function is said to be homogeneous of degree ( if ((xL, xK) = x(((L, K), where x is a positive constant. That is, the production function has the same returns to scale for every...
-
The production function q = Ka Lb Where 0 a, b 1 is called a Cobb-Douglas production function. This function is widely used in economic research. Using the function, show the following: a. The...
-
Consider the points P(1, 2, k) and Q(2,-1, 1) and let u be the equivalent vector to the directed line segment PO. If us = 2, what is the value of k? A-1 OB. 1 OC2 D. 3 O EO
-
Refer to the information above for Haley Industries. Haley Industries issued $120,000 of 11%, 7-year bonds on January 1, 2020, with a $5,842 premium. Interest is paid annually on December 31. The...
-
Why do corporations have to be concerned about human rights issues when doing business internationally?
-
Does structural modeling represent classes or objects?
-
Writing Improvement Exercise: Employing Passive-Voice Verbs Your Task. Revise the following sentences to present the bad news with passive-voice verbs. a. Company policy prevents us from offering...
-
Everywhere Deliver Service paid $129,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $75,000, the building $43,000 and the...
-
Given the following activities required for staging a community play on Independence Day, (a) Construct an AON diagram. (b) Determine the earliest completion time for the play and the critical path....
-
Based on the information in the Application Malthus and the Green Revolution, how did the average product of labor in corn production change over time?
-
At L = 4 and K = 4, the marginal product of labor is 2 and the marginal product of capital is 3. What is the marginal rate of technical substitution?
-
What do each of the circuit symbols in Problems 49 mean? P on o off
-
Gold Standard System & Stability-Continuity of World Payments. Give quantitative data examples with references to explain the concepts.
-
please find 8-10 sources about the following topics -monetary policy -fiscal policy -supply-side policy -inflation -how inflation has been tackled in the past? -Applications in banks for monetary,...
-
Use a diagram and words to explain the social benefit of a government program to supply social housing. Assume the market for housing is efficient and the increase in supply changes the price of...
-
Discuss your written literature review on a topic: evaluating the success rate of the United Southeast Asian American Program at Fresno City College Please include introduction: restate thesis Orient...
-
The performance of the database can be optimized by using a well-designed A View. B Query. C Table. D Index.
-
If a circuit contains four automatic switches and we want that, with a probability of 99%, during a given time interval the switches to be all working, what probability of failure per time interval...
-
Whats the difference between an ordinary annuity and an annuity due? What type of annuity is shown below? How would you change the time line to show the other type of annuity?
-
Californias State Board of Equalization imposed a higher tax on alcopops, flavored beers containing more than 0.5% alcohol-based flavorings, such as vanilla extract (Guy L. Smith, On Regulation of...
-
Californias State Board of Equalization imposed a higher tax on alcopops, flavored beers containing more than 0.5% alcohol-based flavorings, such as vanilla extract (Guy L. Smith, On Regulation of...
-
A U. S. electronics firm is considering moving its production to a plant in Mexico. Its estimated production function is q = L0.5 K0.5 (based on Hsieh, 1995). The U. S. factor prices are w = r = 10....
-
By carrying out the audit of the financial statements in the Property, Plant and Equipment area, we were able to determine the reasonableness of the balance of the vehicle depreciation account. The...
-
The link between service delivery and external communications has a profound impact on customer perceptions of service quality. If you were to execute a service blueprint for dairy queen store and...
-
The city of marlohaven has a december 31 fiscal year end, during 20x5 marlohaven levied $1000000 in property taxes. the following details are expected collection of marlohaven's general fund property...
Study smarter with the SolutionInn App