Question: Consider production function Y = KVL (i) (5 points) Is this production function characterized by constant returns to scale? Explain. (ii) (5 points) If

Consider production function Y = KVL (i) (5 points) Is this production

Consider production function Y = KVL (i) (5 points) Is this production function characterized by constant returns to scale? Explain. (ii) (5 points) If both capital and labor double, what happens to output? (iii) (5 points) Write this production function as a relation between output per worker and capital per worker (iv) (5 points) If production function is Y avL, find out average and marginal productivity of labor. = (v) (5 points) What kind of technology do we have in the function Y F(K, AL)

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