ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Please help me to answer the question that shows in the image, thank you.

2. Consider a producer with the production function y = min {2L, K} and
suppose the input prices are w=1 and r=2
(a) Find the cost function, average cost function and marginal cost
function.
(b)Does this function exhibit decreasing, increasing, or constant returns
to scale?
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Transcribed Image Text:2. Consider a producer with the production function y = min {2L, K} and suppose the input prices are w=1 and r=2 (a) Find the cost function, average cost function and marginal cost function. (b)Does this function exhibit decreasing, increasing, or constant returns to scale?
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