Question
1.Use the homogeneity method determine the nature of return to scale for the following function Q=80K^0.2L^0.5 2.Given the following demand function QA=90-2PA+0.4PB+0.1Y PA=6,PB=10 AND Y=100
1.Use the homogeneity method determine the nature of return to scale for the following function
Q=80K^0.2L^0.5
2.Given the following demand function
QA=90-2PA+0.4PB+0.1Y
PA=6,PB=10 AND Y=100
Find the own price, cross price and income elasticities of demand
3.Discuss the three forms of markets structures in detail
4.Expalin the characteristics of perfectly competitive market structures
5. Graphically derive the Hickson demand curve and derive their equations
6. What are the changes that occur in budget line how do they affect the budget
7. Discuss the characteristics of indifference curve
8. What do you mean by marginal rate of technical substitution
9.Discuss the assumptions of ordinal utility theory
10.What are the critics of cardinal utility
Note; answer if you are sure please I need it urgently
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