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Consider the technology of production f(K,L) = 0.3log(x) + 0.3log(y) a) Check whether the production function...

Consider the technology of production f(K,L) = 0.3log(x) + 0.3log(y)

a) Check whether the production function exhibits constant, decreasing or increasing returns to scale. Explain

b) Find the conditional demand functions. Use (p1, w1, w2) to denote the exogenous prices of output x1 and x2 respectively

c) Find the cost function and verify Shephard's lemma

d) Find the profit function

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