What can you say about the returns to scale of the Leontief production function Q = min

Question:

What can you say about the returns to scale of the Leontief production function Q = min (aK, bL), where a and b are positive constants?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

See More Books

Question Posted: Mar 17, 2016 04:52 AM

See More Questions

The production function q = Ka Lb Where 0 a, b 1 is called a Cobb-Douglas production function. This function is widely used in economic research. Using the function, show the following: a. The...
What can you say about the returns to scale of the linear production function Q = aK + bL, where a and b are positive constants?
What can you say about the typical relationship between the yield on short-term and long-term municipal bonds?
Should U.S. national forests become privatized (sold to private owners)? Why or why not?
List all of the attributes of a movie.
What does the following code print? System.out.println("*"); System.out.println("***"); System.out.println("*****"); System.out.println("****"); System.out.println("**");
Do you think Virgins brand is overextended? What are the arguments for or against? LO3
Weller Company's flexible budget for manufacturing overhead (in condensed form) follows The following information is available for a recent period: a. The denominator activity of 8,000 machine-hours...
Name: ________________________________________ How does Activity Based Costing differ from the traditional overhead allocation system?...
The individual assignment is based on the case, Costco Wholesale Corporation Financial Statement Analysis (B). Costco is a membership warehouse club, dedicated to bringing our members the best...
A firm is required to produce 100 units of output using quantities of labor and capital (L, K) = (7, 6). For each of the following production functions, state whether it is possible to produce the...
A firm produces a quantity Q of breakfast cereal using labor L and material M with the production function Q = 50ML + M+ L. The marginal product functions for this production function are a) Are the...
What types of transactions are recorded as debit entries in ledger accounts for costs.
2. Question 2 When preparing a financial spread analysis, what should be done when the financial statement captions don't align with those provided in the spread template? 1 point Conform the...
Your company just secured an $6 million contract with a major public-sector client that is expected to generate thousands of jobs over the next 10 years. Describe the scenario as a blog.
Dr. John Gottman's research has been able to accurately predict divorce more than 90% of the time.By carefully studying how couples interact with each other, he identified what are known as "The Four...
Adult Sleep Times (hours) of sleep for randomly selected adult subjects included in the National Health and Nutrition Examination Study are listed below. Here are the statistics for this sample: n =...
For high-energy electron diffraction in a TEM, another estimate of the precision of diffraction angles can be provided by the uncertainty principle: px We do not know the specific plane that scatters...
Although the remuneration seems low, it is commensurate with other pay packages. Revise the following sentences to use plain language and familiar words.
Cable Corporation is 60% owned by Anna and 40% owned by Jim, who are unrelated. It has noncash assets, which it sells to an unrelated purchaser for $100,000 in cash and $900,000 in installment...
Real World Question Based on the financial statements of John H. Harland Company contained in the annual report book let, what was the 1996 ending number of shares of common stock issued?
1. A market is considered unconcentrated if the Herfindahl-Hirschman Index (HHI) is below _______and is highly concentrated if the HHI is at least ______. 2. For a market with four firms, each with a...
1. A market is considered unconcentrated if the Herfindahl-Hirschman Index (HHI) is below _______and is highly concentrated if the HHI is at least ______. 2. For a market with four firms, each with a...
1. Arrows up or down: If we move from the cartel outcome to the duopoly outcome, the price ___________, the quantity per firm __________, and the profit per firm __________. 2. A dominant strategy is...
Suppose you bought a bon with an annual coupon rate of 6.5 percent one year ago for $1,032. The bond sells for $1,020 today. a. Assuming a $1,000 face value, what was your total dollar return on this...
During the year 2021, William has a job as an accountant, he earns a salary of $100,000. He has done some cleaning services work on his own (self-employed), where he earned a net income of $50,000....
Fixed cost per unit is $7 when 25,000 units are produced and $5 when 35,000 units are produced. What is the total fixed cost when 30,000 units are produced? Group of answer choices $150,000....

What can you say about the returns to scale of the Leontief production function Q = min

Question:

Step by Step Answer:

A general fixed proportions production function is o...View the full answer

Microeconomics

Students also viewed these Economics questions