Classify this production function by returns to scale., Ask an Expert

Economics

consider a firm with production function

f(L,K,N)=min{3L+4K,2N}

A) Classify this production function by returns to scale

b) Comput the firms long-run cost function

c) Assume that the factor N is fixed at N=(N^-). derice the firm's short-run cost function.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9272554

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