Only 3 and 4 please Question 1: Features of Production FunctionsFor each of the following production functions,1. Find the marginal product of input x1. Is the marginal product always positive? Is themarginal product increasing, constant or diminishing?Determine whether the function is separable between two groups of variables (e.g. startwith asking whether consider input 1 and 2 are separable separated from input 3 and soforth. Before you do all possible groups, do you need to? If not, why not?):3. Characterize whether or not the production function is homogenous (if it is homogenous,characterize the degree of homogeneity)2.4. Characterize the returns to scale of the production function (a) (doing the same forproduction function (b) is far more difficult, and optional)Production Functions:a) y = xf xx%b) y = In(1+ x1X2 + X1X3 + X2X3)

Output needs inputs. Land, labour and capital are common inputs for the production of goods and…

3. Characterize whether or not the production function is homogenous (if it is homogenous, characterize the degree of homogeneity) 4. Characterize the returns to scale of the production function (a) (doing the same for production function (b) is far more difficult, and optional) Production Functions: a) y = xxx²x² b) y = ln(1 + x1X₂ + X₁ X3 + X₂X3)

3. Characterize whether or not the production function is homogenous (if it is homogenous, characterize the degree of homogeneity) 4. Characterize the returns to scale of the production function (a) (doing the same for production function (b) is far more difficult, and optional) Production Functions: a) y = xxx²x² b) y = ln(1 + x1X₂ + X₁ X3 + X₂X3)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.11P

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7 which of the following are examples of fixed-proportions production functions?
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