You're given prices v, w, for capital K and labor L and several production functions. For each production function, 1) solve for the cost function and 2) determine whether there is increasing cost to scale, decreasing cost to scale, constant cost to scale, or none of these. <\/p>
<\/p>
v=4, w=1<\/p>
a) F(K,L)= K1\/2 <\/sup>+ 4L1\/2<\/sup><\/p> b) F(K,L)= [K1\/2 <\/sup>+ 4L1\/2<\/sup>]2<\/sup><\/p> c) F(K,L)= [K1\/2 <\/sup>+ 4L1\/2<\/sup>]3<\/sup><\/p> <\/p> Please explain\/show work for every step! I'm very confused. More interested in seeing how to do it than the exact answers!!<\/p>",
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"question_posted": "2024-06-12 10:16:51",
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