Is there any range of production characterized by scale, Ask an Expert

Economics

Following technology function

f(l) = (1/2) l^(1/2) +2

where wage of labor is equal to 1

1. How do I derive the total cost function
2. Is there any range of production characterized by scale economies?
3. Does the production technology exhibit increasing/decreasing/constant returns to scale?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M942001

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question write a short essay of about 750 words each on the

Question: Write a short essay of about 750 words each on the following topics: 1. What are the common defenses of protectionism? Evaluate them. 2. Explain Coase Theorem and show how it works with examples. 3. How does Ma ...

Question suppose that the federal funds rate rose from 3 to

Question: Suppose that the Federal funds rate rose from 3% to 6% during the year. What would you expect to happen to the rate of growth in real consumption, and in the consumption/income ratio, under the following circum ...

Question consider a consumer whose preferences can be

Question: Consider a consumer whose preferences can be represented by the utility function u(x, y) = x + y (a) Originally, px = 1, py = 2 and m = 1. What bundle does the consumer choose, and what is his utility from this ...

Question 1australia and canada have a free trade agreement

Question 1 Australia and Canada have a free trade agreement in which, Australia exports beef to Canada. a. Draw a graph and use it to explain and illustrate the impact of trade on consumers, producers and the Australian ...

Question a countrys economy is described in table 2 using

Question: A country's economy is described in Table 2. Using information in Table 2, answer questions (2.1), (2.2), (2.3) and (2.4) Phillips curve p -p-1=-0.55x( U-Un) Natural rate of unemployment uN = 5% Previous year's ...

Question according to an article in the new york times the

Question: According to an article in the New York Times, the Venezuelan government "imposes strict price controls that are intended to make a range of foods and other goods more affordable for the poor. They are often th ...

Question why does marginal analysis work ie allows a firm

Question: Why does marginal analysis work (i.e., allows a firm to determine the correct level to produce where it maximizes profits or minimizes losses)? The response must be typed, single spaced, must be in times new ro ...

Question how is poverty measured in the us is this an

Question: How is poverty measured in the US? Is this an effective measurement? What are some of the issues that the government faces in trying to move people out of poverty? What are the principle challenges faced in mov ...

Question in the solow growth model with labor-augmenting

Question: In the solow growth model, with labor-augmenting technological progress and population growth, if the production function is y= k^1/2, s= .15, depreciation= .02, n=.02 and g= .01: a. what is the steady-state le ...

Question chapter 15 pricing an engineer has discovered a

Question: Chapter 15: Pricing An engineer has discovered a way to improve the production of a microchip to reduce its marginal cost from $1 to $0.80. Should the firm reduce the selling price of the microchip by $0.20. Ex ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert