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28 Sep 2019
A firm's production function is Q = 5L2/3K1/3.
a) Does this production function exhibit constant, increasing, or decreasing returns to scale and why?
b) What is the marginal rate of technical substitution of L for K for this production function?
c) What is the elasticity of substitution for this production function?
A firm's production function is Q = 5L2/3K1/3.
a) Does this production function exhibit constant, increasing, or decreasing returns to scale and why?
b) What is the marginal rate of technical substitution of L for K for this production function?
c) What is the elasticity of substitution for this production function?
RonaldLv2
28 Sep 2019
