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{"ops":[{"insert":"1. Given the following production and cost function\n\u00a0\nGiven by Y=15L0.4 K0.5 (Production function) C=W1L+W2K+100 (Cost Function)\nWhere L= labor, K= capital,\n\u00a0\nA) Compute the following\n\u00a0\nB) Expansion path (2 points)\n\u00a0\nvii. Elasticity of substitution (2 points)\n\u00a0\nviii. Return to scale (2 points)\n\u00a0\nix. Indicate the relationship between elasticity of substitution and scale. (2 points)\n\u00a0\nB) Using output constrained optimization derive the following\n\u00a0\n\u00a0\ni. Input demand functions (3 points)\n\u00a0\nii. Minimum cost function (3 points)\n\n\n"}]}
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