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Unformatted text preview: [4] (i) Check whether Q is homogeneous function or not. (ii) Under what condition Euler’s theorem holds? (iii)Find relative shares of K and L, if each input is assumed to be paid by the amount of its marginal product. 2. (a) Check the CobDouglas function [5] is quasiconcave, quasiconvex, strictly quasiconcave, strictly quasiconvex or neither. (b) Given the function and the constraint: [5] (i) Use the Lagrangemultiplier method to find the stationary values of z . (ii) Determine whether the stationary value of z is a maximum or minimum....
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This note was uploaded on 03/23/2012 for the course ECON 201 taught by Professor Cowell during the Spring '10 term at LSE.
 Spring '10
 Cowell
 Economics

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