Suppose that a firm's long-run production function where A>0 Which one of the following is true? ALK O The marginal products of L and K are homogeneous of degree 1.3 and the marginal rate of technical substitution is homogeneous of degree 0.3. Ob The marginal products of L and K are homogeneous of degree 1.3 and the marginal rate of technical substitution is homogeneous of degree 1.3. OC The marginal products of L and K are homogeneous of degree 0.3 and the marginal rate of technical substitution is homogeneous of degree 0.3. The marginal products of and g are homogeneous of degree 03 and the marginal rate of technical substitution is homogeneous of degree zero. Oe The marginal products of and g are homogeneous of degree 1.3 and the marginal rate of technical substitution is homogeneous of degree 1.

Suppose that a firm's long-run production function where A>0 Which one of the following is true? ALK O The marginal products of L and K are homogeneous of degree 1.3 and the marginal rate of technical substitution is homogeneous of degree 0.3. Ob The marginal products of L and K are homogeneous of degree 1.3 and the marginal rate of technical substitution is homogeneous of degree 1.3. OC The marginal products of L and K are homogeneous of degree 0.3 and the marginal rate of technical substitution is homogeneous of degree 0.3. The marginal products of and g are homogeneous of degree 03 and the marginal rate of technical substitution is homogeneous of degree zero. Oe The marginal products of and g are homogeneous of degree 1.3 and the marginal rate of technical substitution is homogeneous of degree 1.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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