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| 10/12/2005 10:58 PM by Peter; Production function example? |
I am teaching a course in Mangerial Economics. I wonder if anyone can point out a relatively simple example of a continuous "regular" two-factor production function which yields the property of the usual textbook case of Law of Variable Proportions, i.e, 3 stages of increasing, constant, and diminishing returns to individual factors? Also, is there a good discussion of the relation between factor marginal products and returns to scale somewhere, preferably online? Sorry if this seems a bit naive- it has been a long time since I left grad. school, and I guess my math. econ. is a bit rusty!:) I would really appreciate a helpful response. [Manage messages]
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