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5. A student wrote on the last year Econ 301 exam the following: Every production function exhibits diminishing returns to scale because professor said

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5. A student wrote on the last year Econ 301 exam the following: \" Every production function exhibits diminishing returns to scale because professor said that all inputs have diminishing marginal productivities. So when all inputs are doubled, output must be less than double.\" How would you grade this answer? 6. Answer Question 5) using two specic production functions as examples: (a) A xedproportions production function. (b) A Cobb-Douglas production function q = v K L

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