Question

Suppose K is capital, L is labor, and A is a parameter representing technology. The production

function is Y= F(K,L) = /

()

/


(a) Does the production function have constant return to scale? Show your work.

(b) Does the production function exhibit diminishing marginal return to labor, L? Show your work.

(Hint: you can work either on numbers or on the partial derivatives)​

Answer 1

Answer:

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Explanation:

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