This preview shows pages 1–3. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.
View Full Document
Unformatted text preview: product of x , the marginal product of y and the technical rate of substitution, graph three isoquants and determine whether the technology exhibits increasing, constant or decreasing returns to scale. For the last production function, you only need to graph the isoquants and determine whether the technology exhibits increasing, constant or decreasing returns to scale. (a) f ( x,y ) = 5 x 3 4 y 3 4 Problem Set 3 3 (b) f ( x,y ) = 2 x + 3 y 1 2 (c) f ( x,y ) = min ( x, 3 y )...
View Full
Document
 Fall '11
 JAMESBUSHNELL
 Microeconomics

Click to edit the document details