qUESTION 3 Please help me figure out which of the following multiple choice questions are correct. Please tell me which choices are correct and which are wrong Consider the production functionY = 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 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 other inputs toproduction 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.O 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.O e. If z increases, the average product of all inputs increases but the marginal products do not.f. Holding K and A constant, if z increases the production function in terms of labour input shifts up by a constantamount at all levels of labour input.O 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 in termsof labour will be convex (ie will increase at an increasing rate).

We are going to understand various return to scale production function to answer this question.

Answered: Consider the production function Y =…

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 of the following statements are correct?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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