Question 1 can a cobb-douglas production function possess, Ask an Expert

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Question: 1. Can a Cobb-Douglas production function possess varying returns to scale? Explain!

2. Assume that the Cobb-Douglas production function for a beer manufacturer is q = 1.52 L^0.6 k^0.4. Calculate the average fixed cost if we also assume that the firm's capital is fixed at 250 units and the rental rate of capital is $5 per unit.

3. Discuss and explain the situation involving the tangency between the isocost line and the isoquant.

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