0.5 Consider the following production function: ƒ(2₁, 22) = 21 +22 a) What kind of returns to scale does this production function exhibit? a. Increasing returns to scale b. Constant returns to scale c. Cannot be determined from the given information d. Decreasing returns to scale b) At (21, 22) = (4,4), the technical rate of substitution between the two inputs 2₁ and 22 is? [note: it is a positive number]

Could you solve d,e,f ? Thank you

Lesson 7- Production Question 8

1. Suppose the production function is Q = 8L + 15K where Q is the quantity of output, L is the quantity of labor used in production, and K is the quantity of capital used in production. What can be said about this production function? It has Decreasing Returns to Scale It has Constant Returns to Scale It has Increasing Returns to Scale There isn’t enough information to determine the Returns to Scale for this production function   2. You’re dreaming of what to do during a nice summer day. You could mow the lawn which you would pay someone $15 to do for you. You could go for a walk which you value at $11. You could also take a nap and ignore everyone and everything else which you would pay $29 to do. If you to take a nap, what is your opportunity cost? Group of answer choices $29 $26 $15 $11