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1 Production Functions We made 3 assumptions about our production function: 1. Increasing in factors 2. Diminishing marginal returns 3. Constant returns to scale For

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1 Production Functions We made 3 assumptions about our production function: 1. Increasing in factors 2. Diminishing marginal returns 3. Constant returns to scale For each of the following production functions, which are satisfied? 1. F(K;L) = KLI 2. F(K;L)=KL, + 1 4. F (K; L) = min(K; L) 5. F(K;L) = L

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