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Jackson owns a firm that produces ornamental pink flamingos.His production function is given by:

By December 6, 2021No Comments

Jackson owns a firm that produces ornamental pink flamingos.His production function is given by:f(L,K)=(min{x1,2×2})2where x1 is the amount of plastic used,and c2 is the amount of labour.Does this production function haveincreasing,decreasing or constant returns to scale?If the cost of plastic is w1,and the cost of labour is w2,what is the cost function of producing “y”ornamental pinkflamingos with this technology?

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