(All Steps) Consider the following production function: f(x1, x2) = Min[x1, (x2 / 4)^2] Is the production function homogeneous ? Is it homothetic ? Using

Question: Consider the following production function:

f(x1, x2) = Min[x1, ( x2 / 4)^2]

Is the production function homogeneous ? Is it homothetic ?
Using scale elasticity of output, what can you say about returns to scale ?
Calculate the indirect production function (Hint: To derive it suppose there is never
any surplus of any factor.)
What can you say about returns to outlay?

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(All Steps) Consider the following production function: f(x1, x2) = Min[x1, (x2 / 4)^2] Is the production function homogeneous ? Is it homothetic ? Using

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