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Questions › Microeconomics › Production and returns to scale

Production and returns to scale: previous year questions

Asked 2 times in 1 exam across 1 year. Newest first.

Practise Production and returns to scale, easy to hard →

  1. IIT JAM 2022 Q23Let a production function be log Q = β/αlog (L^α + K^α), where α ∈ (-∞, 1] - {0} and β > 0. Identify the statement that is NOT correct.
  2. IIT JAM 2022 Q59Let the production function be Q = √(L² + K²), with unit prices of labour and capital Rs. 30 and Rs. 40, and total cost Rs. 580. The maximum value…