A firm has the production function y x1 minx1 x2a draw, Ask an Expert

Economics

A firm has the production function y = x1 + min{x1, x2}.

(a) Draw three isoquants for this firm.

(b) Does this firm have constant returns to scale?

(c) Suppose the firm is operating at the point x1 = 10 and x2 = 5. What is the marginal product of x1? What is the marginal product of x2?

(d) What are the marginal products of x1 and x2 at the point x1 = 5 and x2 = 10?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91572356

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