(a) The production function is given as F(x, y) = 10xy where x and y are...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
(a) The production function is given as F(x, y) = 10xy where x and y are the amount of inputs. Confirm if this function is Homogeneous Function. If it is, what is the degree? In order to double the output, how much each input should be increased? At (x,y)=(2, 3), derive the function for the tangency line. (b) (c) (d) Confirm Euler's Theorem for the production function. (xf, +yf'y=kf(x,y)) (a) The production function is given as F(x, y) = 10xy where x and y are the amount of inputs. Confirm if this function is Homogeneous Function. If it is, what is the degree? In order to double the output, how much each input should be increased? At (x,y)=(2, 3), derive the function for the tangency line. (b) (c) (d) Confirm Euler's Theorem for the production function. (xf, +yf'y=kf(x,y))
Expert Answer:
Answer rating: 100% (QA)
SOLUTION a To determine if the production function Fx y 10x02 y04 is a homogeneous function we need to check if it satisfies the property of homogenei... View the full answer
Related Book For
Posted Date:
Students also viewed these economics questions
-
A Single Buyer in the Labor Market: The text treated extensively the case where market power is concentrated on the supply side but it could equally well be concentrated on the demand side. When a...
-
The Ontario Brassworks produces brazen effronteries. As you know brass is an alloy of copper and zinc, used in fixed proportions. The production function is given by: f(x1, x2) = min{x1, 2x2}, where...
-
A firm has a production function for output Y given by Y = F(K, AL, Q) = K(AL) Q , K is capital input, L is labor input, and Q is use of land. Capital can be hired at the rental rate R per unit,...
-
A strain of E-coli Beu 397-recA441 is placed into a nutrient broth at 30° Celsius and allowed to grow. The data shown in the table are collected. The population is measured in grams and the time...
-
The arrangement shown in Fig. 1.64 consists of two identical uniform solid cylinders, each of mass m, on which two light threads are wound symmetrically. Find the tension of each thread in the...
-
Starting with Eq. (4.35), derive Eq. (4.36).
-
Environmental Concerns Limited (ECL) issued \$500,000 of 10-year, 6\% bonds payable at maturity (par) value on May 1, 2008. The bonds pay interest each April 30 and October 31, and the company ends...
-
Evan Neal operates a roller skating center. He has just received the monthly bank statement at January 31 from Citizen National Bank, and the statement shows an ending balance of $575. Listed on the...
-
3. One advantage of using a minimal sufficient statistic is that unbiased estimator will have smaller variance, as this problem will show. Suppose that T is sufficient and T is minimal sufficient, U...
-
A laser pointer is kept at a constant and fixed height above the floor, but it can move horizontally back and forth in a straight line. A mirror is placed on a platform at a fixed distance from a...
-
Astro Airlines Part 1 Arthur Burton established Astro Airlines in 1980; two years after the airlines were deregulated. Burton's vision for the new airline has two key elements. First, the airline...
-
Find the principal value of tan3-sec(-2)
-
Explains the nature (for example, the origin or reason why the law is imposed) of Puerto Rico's contributions. Define the following terms using the instructions manual of the Department of the...
-
Substitute the given values: Annual Coupon Interest Payment = 8% of $1,000 Current Price of Bond = $964 Calculate the current yield using the formula
-
Find the equation of the circle with radius 5 and centre (1,1)
-
Assuming that all sales were on account, calculate the following risk ratios for 2024. (Use 365 days a year. Round yo to 1 decimal place.) Risk Ratios 1. Receivables turnover ratio times 2. Average...
-
In an anti-malarial campaign in a certain area, quinine was administered to 812 persons out of total population of 3248.the no.of fever cases is shown below. Treatment Fever No Fever Total Quinine 20...
-
Explain why it is not wise to accept a null hypothesis.
-
Show that if w = ((r - s, s - t, t - r) then , an, aras + + o
-
Suppose that the random variables (X, Y) have joint PDF Find each of the following: (a) k (b) P(Y > 4) (c) E(X) fx.y)o. otherwise
-
For the graph of y = x2 / 4, find the equation of the tangent line and the normal line (i.e., the line perpendicular to the tangent line) that pass through the point (2, 1)?
-
Internal auditing is an important part of an organization's system of internal control. Required: (1) List three major objectives of internal control. (2) For each of the objectives listed in 1,...
-
You are making an audit of the marketing branch. You find that your company has embarked on a program to penetrate the foreign market with its products. To do so it has hired an agent living and...
-
The Gordon Manufacturing Company produces farm equipment. Its sales were about \($50,000,000\) last year. Ingrid Austin has been an internal auditor at Gordon for three years. She has an MBA degree...
Study smarter with the SolutionInn App