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Production function problem of intermediate microeconomics Nice function means: function is increasing and twice differentiable in all inputs isoquant curve is decreasing and convex Isoquant

Production function problem of intermediate microeconomics

Nice function means:

  • function is increasing and twice differentiable in all inputs
  • isoquant curve is decreasing and convex
  • Isoquant curve never touches axes
  • Isoquant curve is differentiable
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Problem 3. Suppose production function is f(k,l) = min{k, l}. a. Is the production function \"nice\"? Explain. b. Find the total cost function C(v, w, q)

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