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5. Consider a firm with the following production function F(K,L)=K1/4L3/4 Suppose the price of one unit of K is 1 is and the price of

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5. Consider a firm with the following production function F(K,L)=K1/4L3/4 Suppose the price of one unit of K is 1 is and the price of one unit of L is 2 . Suppose . moreover that the firm has 1 units of K and 2 units of L. (a) ( 8 points) Prove that the production function is homogeneous of degree one: (b) (12 points) Prove that the production function is concave. (c) (15 points) What is the maximum amount of output the firm can produce

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