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Author Question: Suppose the production of DVD players can be represented by the following production function:q = ... (Read 121 times)

dbose

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Question 1

Returns to specialization can occur when
◦ increasing the amount of labor allows workers to specialize.
◦ the exponents of the Cobb-Douglas production function are greater than 1.
◦ a firm doubles its inputs.
◦ the average cost curve is above the marginal costs curve.

Question 2

Suppose the production of DVD players can be represented by the following production function: 
q = L0.4K0.4. Which of the following statements is (are) TRUE?
◦ The production function has decreasing returns to scale.
◦ The marginal productivity of labor falls as labor increases in the short run.
◦ Capital and labor can be substituted for one another.
◦ All of these.


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Marked as best answer by dbose on Mar 14, 2021

Sierray

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dbose

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Reply 2 on: Mar 14, 2021
YES! Correct, THANKS for helping me on my review


alexanderhamilton

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Reply 3 on: Yesterday
Wow, this really help

 

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