In general what would be the process to find this?© BrainMass Inc. brainmass.com October 16, 2018, 5:11 pm ad1c9bdddf
Let production function be:
where Q is output and A & B are inputs.
If Q(tA, tB) < t*Q(A, B), this is decreasing returns to ...
Determine production functions.
Discuss production function
See attachment for full questions. Questions include:
(a) What is a production function?
(b) How does a short-run production function differ from a long-run production function?
(c) Explain the term "Marginal Rate of technical Substitution".
(d) Why are isoquants assumed to be downward sloping?