Demonstrate by example about production which exhibits, Ask an Expert

Economics

Q1. What do you mean by an institution? Explain how do institutions influence economic life? Also explain how does institutional change influence economic activity?

Q2. Consider a production function for an economy: Y=20(L.5 k..4N.1) where L is labor, K is capital, and N island. In economy the reason of production are in fixed supply worth L= 100, K=100, and N =100.
(a) Illustrate in this country what is the level of output?
(b) Demonstrate by example about production which exhibits constant returns to scale?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9157577

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