Consider the production functionY = z.F(K,L, A)where Y is output, z is technology, K is capital, Lis labour and A is the area of land.Which 3 of the following statements are correct?Select one or more:O a. Diminishing marginal products means that if K,L and A all double, output will less than double.b. The property of a diminishing marginal product of labour means that, if labour is increased while otherinputs to production are held constant, output will increase, but by a decreasing amount.O c.If there are constant returns to scale this implies that individual marginal products are not diminishing.d. If marginal products are diminishing, then the marginal product of labour measured in terms of discretechanges is less than the marginal product in terms of calculus.If z increases, the average product of all inputs increases but the marginal products do not.е.O f. Holding K and A constant, if z increases the production function in terms of labour input shifts up by aconstant amount at all levels of labour input.g. Constant returns to scale means that if all inputs to production double, output doubles.O h. If there are increasing returns to scale, then holding capital and land constant, the production function interms of labour will be convex (ie will increase at an increasing rate).

Introduction to production function: It shows the relation between the input of factor of production…

Answered: Consider the production function Y =…

Understanding Business

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Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

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Consider the production function Y = z.F(K,L, A) where Y is output, z is technology, K is capital, L is labour and A is the area of land. Which 3 of the following statements are correct?