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7. Let output be a function of three inputs: Q=AKLbNc. (a) Is this function homogeneous? If so, of what degree? (b) Under what condition would
7. Let output be a function of three inputs: Q=AKLbNc. (a) Is this function homogeneous? If so, of what degree? (b) Under what condition would there be constant returns to scale? Increasing returns to scale? (c) Find the share of product for input N, if it is paid by the amount of its marginal product. 8. Let the production function Q=g(K,L) be homogeneous of degree 2 . (a) Write an equation to express the second-degree homogeneity property of this function. (b) Find an expression for Q in terms of (k), in the vein of (12.45). (c) Find the MPPk function. Is MMPk still a function of k alone, as in the linearhomogeneity case
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