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Results tagged with cost-functions
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user 61
2
votes
Accepted
Creating non-linear cost functions
I understand that the "bundle price" is cost to us. Then your table depicts a linear system of equations
$$C_j = a_1x_1+a_2x_2+...+a_mx_m,\;\;\; j=1,...,n$$
with $C_j$ and the $x$'s being the known …
7
votes
Long Term Economic Profit for Perfectly Competitive market
To elaborate a bit on the answer by user 1muflon1, in economics the word "profit" is the surplus accrued to the firm after we have subtracted from revenues all compensation of production inputs, irres …
1
vote
Is "$f(k,l)$ is decreasing return to scale $\Leftrightarrow f_{ll}f_{kk}-f_{kl}^2>0$" always...
We examine the function $F(K,L)$ that is homogeneous of degree $\lambda < 1$. Then we have that its partial derivatives are homogeneous of degree $\lambda -1 $.
For a homogeneous function $F(K,L)$ of …
4
votes
What is the returns to scale of the production function q = min {K, L^(1/2)}?
To understand what is the issue here, try dutifully to examine all possible sub-cases in the production function.
The production function is
$$Q_0 = \min\{K_0, L_0^{1/2}\}$$.
Consider cases
A. $K_0 < …
1
vote
Accepted
Calculate supply function based on production or cost function
Q1
This is not a straightforward problem. Two things to note:
First, the production function is linear in the inputs. This means that their marginal products are constant, and so are their marginal re …