7-)Determine the level of homogeniety and returns to scale of the following production functions: Q = x² + 6xy + 7y² Q=x³ xy² + 3y³ + x²y 3x² 5y² Q-0,9K0,210,6 8-) The demand for the beef is given as Q₁ = 4850-5P + 1,5P +0.1Y. IfY= 1000P, 200 and P, 100. Calculate the income elasticity, cross- price elasticity of demand for beef and comment on the findings.

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter7: Analytic Trigonometry
Section7.6: The Inverse Trigonometric Functions
Problem 91E
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7-)Determine the level of homogeniety and returns to scale of the following production functions:
Q = x² + 6xy + 7y²
Q = x³ xy² + 3y³ + x²y
3x²
5y²
Q-0,9K0,210,6
8-) The demand for the beef is given as Q=4850-5P+1,5P +0.1Y. IfY= 1000P, 200 and P₂ = 100. Calculate the income elasticity, cross-
price elasticity of demand for beef and comment on the findings.
Transcribed Image Text:7-)Determine the level of homogeniety and returns to scale of the following production functions: Q = x² + 6xy + 7y² Q = x³ xy² + 3y³ + x²y 3x² 5y² Q-0,9K0,210,6 8-) The demand for the beef is given as Q=4850-5P+1,5P +0.1Y. IfY= 1000P, 200 and P₂ = 100. Calculate the income elasticity, cross- price elasticity of demand for beef and comment on the findings.
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