Question: Intermediate Microeconomics Question 2. A student wrote on the last year Econl exam the following: Every production function exhibits diminishing returns to scale because

Intermediate Microeconomics Question

2. A student wrote on the last year Econl exam the following: " Every production function exhibits diminishing returns to scale because professor said that all inputs have diminishing marginal productivities. S=o when all inputs are doubled, output must be less than double.\" How would you grade this answer? 3. Answer Question 2) using three specific production functions as examples: (a) A fixed-proportions production function. (b) A Cobb-Douglas production function q = KL. (c) A production function for perfect substitutes. Part 2: Problems

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