7-)Determine the level of homogeniety and returns to scale of the following production functions: Q = x² + 6xy + 7y² Q=x³ xy² + 3y³ + x²y 3x² 5y² Q-0,9K0,210,6 8-) The demand for the beef is given as Q₁ = 4850-5P + 1,5P +0.1Y. IfY= 1000P, 200 and P, 100. Calculate the income elasticity, cross- price elasticity of demand for beef and comment on the findings.
7-)Determine the level of homogeniety and returns to scale of the following production functions: Q = x² + 6xy + 7y² Q=x³ xy² + 3y³ + x²y 3x² 5y² Q-0,9K0,210,6 8-) The demand for the beef is given as Q₁ = 4850-5P + 1,5P +0.1Y. IfY= 1000P, 200 and P, 100. Calculate the income elasticity, cross- price elasticity of demand for beef and comment on the findings.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:7-)Determine the level of homogeniety and returns to scale of the following production functions:
Q = x² + 6xy + 7y²
Q = x³ xy² + 3y³ + x²y
3x²
5y²
Q-0,9K0,210,6
8-) The demand for the beef is given as Q=4850-5P+1,5P +0.1Y. IfY= 1000P, 200 and P₂ = 100. Calculate the income elasticity, cross-
price elasticity of demand for beef and comment on the findings.
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