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HI, can someone please ANSWER THIS USING MATHEMATICA... and state the COMMANDS clearly. As we have seen in many places, the general Cobb-Douglas production function
HI, can someone please ANSWER THIS USING MATHEMATICA... and state the COMMANDS clearly.
As we have seen in many places, the general Cobb-Douglas production function for two inputs is given by: q=f(k,1)= Ak1, where 00,fi > 0, fak0. b. Show that eq.x = and ee1= B. c. In footnote 5 of the textbook, the scale elasticity was defined as: af (tk, tl) at f(tk, tl)' where the expression is to be evaluated at t= = 1: t Show that, for this Cobb-Douglas function, egy = a +B. Hence, in this case the scale elasticity and the returns to scale of the production function agree. d. Show that this function is quasi-concave. e. Show that the function is concave for a + B 5 1 but not concave for a +B>1. As we have seen in many places, the general Cobb-Douglas production function for two inputs is given by: q=f(k,1)= Ak1, where 00,fi > 0, fak0. b. Show that eq.x = and ee1= B. c. In footnote 5 of the textbook, the scale elasticity was defined as: af (tk, tl) at f(tk, tl)' where the expression is to be evaluated at t= = 1: t Show that, for this Cobb-Douglas function, egy = a +B. Hence, in this case the scale elasticity and the returns to scale of the production function agree. d. Show that this function is quasi-concave. e. Show that the function is concave for a + B 5 1 but not concave for a +B>1
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