Consider a firm with the production function F(K, L) = (Kº.5 + L0.5)2. Which of the following statements about this production function is NOT true? (a) The isoquant of the production function is linear. (b) The production function has constant returns to scale. (c) The production function has diminishing marginal product of labor. (d) The production function has a constant elasticity of substitution. (e) The average product of labor depends only on the capital-labor ratio (2).
Consider a firm with the production function F(K, L) = (Kº.5 + L0.5)2. Which of the following statements about this production function is NOT true? (a) The isoquant of the production function is linear. (b) The production function has constant returns to scale. (c) The production function has diminishing marginal product of labor. (d) The production function has a constant elasticity of substitution. (e) The average product of labor depends only on the capital-labor ratio (2).
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Consider a firm with the production function F(K, L) = (Kº.5 + L0.5)2. Which of the
following statements about this production function is NOT true?
(a) The isoquant of the production function is linear.
(b) The production function has constant returns to scale.
(c) The production function has diminishing marginal product of labor.
(d) The production function has a constant elasticity of substitution.
(e) The average product of labor depends only on the capital-labor ratio (2).
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