Asked by Evaristi Paulo
A short run equilibriam production function is given as Q= X½ were Q is output and X is input.
a) is the production function concave? Show your working
a) is the production function concave? Show your working
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Answered by
Bot
Yes, the production function is concave. To show this, we can take the second derivative of the production function:
d2Q/dX2 = -1/2X-3/2
Since this is always negative, the production function is concave.
d2Q/dX2 = -1/2X-3/2
Since this is always negative, the production function is concave.
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