Production Possibilities Questions

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Problem 1 For the CES production function with
two inputs
f (.’ 1, 11:2) = [a1.tí + 020) 301, 02 > 0,
22.4%
=
,
determine
• the production possibilities set Y
• the input requirement set V(y)
• the isoquant Q(y)
• the restricted or short-run production
possibilities set Y (2), with X2
= Z
• the elasticity of scale.
Problem 2 For the Leontief technology
determine
• the production possibilities set Y
• the input requirement set V(y)
• the isoquant Q(y)
• the transformation function T(y,x1, x2)
• the production function f(x1, x2)
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