What is the formula for johns family of indifference curves
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Question: Assume Firm Y's production function is given by the following Cobb Douglas equation
Would he rather read two books and watch no movies, or read no books and watch two movies? What is the formula for John's family of indifference curves?
a) Determine the point price elasticity of demand at P = $3.00. b) What is the new point price elasticity if price is raised to P = $4.50?
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Q1. What is output elasticity in this case? Q2. What sort of returns to scale does the firm face? Explain.
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