For each of the following, say whether the production technology satisfies (i) Diminishing MRTS, (ii) Diminishing...
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For each of the following, say whether the production technology satisfies (i) Diminishing MRTS, (ii) Diminishing Marginal Product in each input, and (iii) Constant Returns to Scale (assume throughout that L, K > 1): (a) f(L,K) = L + K (b) f(L,K)=√LK (c) f(L,K)= (LK)² (d) f(L,K) = LK). (e) f(L,K) = 10KL K+L For each of the following, say whether the production technology satisfies (i) Diminishing MRTS, (ii) Diminishing Marginal Product in each input, and (iii) Constant Returns to Scale (assume throughout that L, K > 1): (a) f(L,K) = L + K (b) f(L,K)=√LK (c) f(L,K)= (LK)² (d) f(L,K) = LK). (e) f(L,K) = 10KL K+L
Expert Answer:
Answer rating: 100% (QA)
a The production function f L K L K does not satisfy Diminishing MRTS Diminishing Marginal Product in each input nor Constant Returns to Scale i Diminishing MRTS occurs when the rate at which one inpu... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
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