For each of the production functions below, find the marginal products of both inputs, and indicate (i) whether the production function exhibits increasing, constant or decreasing returns to scale, and (ii) whether the marginal product of each input is diminishing, constant or increasing in that input. a. f(x1, X₂)X₁¹ (₁1/2 x ₂²³ 3/4 b. f(x1, x₂)= (x₁+2x₂) ¹/² c. f(x1, X₂)= 3x₁+2x₂
For each of the production functions below, find the marginal products of both inputs, and indicate (i) whether the production function exhibits increasing, constant or decreasing returns to scale, and (ii) whether the marginal product of each input is diminishing, constant or increasing in that input. a. f(x1, X₂)X₁¹ (₁1/2 x ₂²³ 3/4 b. f(x1, x₂)= (x₁+2x₂) ¹/² c. f(x1, X₂)= 3x₁+2x₂
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 3SQP
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For each of the production functions below, find the marginal products of both inputs, and indicate
(i) whether the production function exhibits increasing, constant or decreasing returns to scale, and
(ii) whether the marginal product of each input is diminishing, constant or increasing in that input.
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Transcribed Image Text:For each of the production functions below, find the marginal products of both inputs, and indicate
(i) whether the production function exhibits increasing, constant or decreasing returns to scale, and
(ii) whether the marginal product of each input is diminishing, constant or increasing in that input.
a. f(x₁, X₂)X₁¹/2x₂³/
3/4
b. f(x1, x₂)= (x₁+2x₂) ¹/2
C. f(x1, x₂)= 3x1+2x2
d. f(x1, X₂)X₁¹/3x₂1/3
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