{"id":77649,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/economics-360-microeconomic-theory-spring-2014-problem-set-4"},"modified":"2017-08-18T07:19:36","modified_gmt":"2017-08-18T07:19:36","slug":"economics-360-microeconomic-theory-spring-2014-problem-set-4","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/economics-360-microeconomic-theory-spring-2014-problem-set-4\/","title":{"rendered":"Economics 360: Microeconomic Theory Spring, 2014 Problem Set #4"},"content":{"rendered":"<p><a class=\"economics-360-microeconomic-theory-spring-2014-problem-set-4-2\/\"><\/a> <\/p>\n<p>Economics 360: Microeconomic Theory<\/p>\n<p>Spring, 2014. <em>Assigned Mar 27. Due Thurs Apr 3 in lecture.<\/em><\/p>\n<p>Problem Set #4<\/p>\n<p>&nbsp;<\/p>\n<p><b>5<\/b>. Consider this production function: f(K,L) = min( 2K<sup>.5<\/sup>, 3L<sup>.5<\/sup> )<\/p>\n<p>a. What are the returns to scale of this production function? Explain.<\/p>\n<p>b. What is the optimal ratio of capital to labor, as a function of input prices <em>r<\/em> and <em>w<\/em>? What other type of production function is this one most similar to?Explain.<\/p>\n<p><b>6<\/b>. Consider this production function: f(K,L) = 10 K<sup>.4<\/sup> L<sup>.4<\/sup><\/p>\n<p>a. What are the returns to scale of this production function?<\/p>\n<p>b. What are the optimal quantities of K and L, as a function of input prices <em>r<\/em>, <em>w,<\/em> and the output price <em>p<\/em>?<\/p>\n<p>c. What is the cost function which corresponds to this production function, when <em>r<\/em>=1 and<em> w<\/em>=2?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economics 360: Microeconomic Theory Spring, 2014. Assigned Mar 27. Due Thurs Apr 3 in lecture. Problem Set #4 &nbsp; 5. Consider this production function: f(K,L) = min( 2K.5, 3L.5 ) a. What are the returns to scale of this production <a href=\"https:\/\/www.benedictsol.com\/blogs\/economics-360-microeconomic-theory-spring-2014-problem-set-4\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-77649","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/77649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=77649"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/77649\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=77649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=77649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=77649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}