Answered: True or False. Please explain The…

True or False. Please explain The production function f(x1,x2,x3) = (min{0.5x1;0.75x2 })0.5 ·x30.5 describes technology which exhibits constant returns to scale.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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True or False. Please explain

The production function f(x₁,x₂,x₃) = (min{0.5x₁;0.75x₂ })^0.5 ·x₃^0.5 describes technology which exhibits constant returns to scale..

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