Question
A perfectly competitive firm has the following input requirement set v(y)={( x 1 , x 2 ): ax 1 + bx 2 y}. If the
A perfectly competitive firm has the following input requirement set v(y)={( x1, x2): ax1+ bx2y}. If the minimum cost of production at w1=w2=1 is equal to 6, what is y equal to? What can you say about the elasticity of substitution for this production function?
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Cost Accounting
Authors: M.Y. Khan, P.K. Jain
2nd Edition
9339203445, 9789339203443
