Consider a production function with the following properties:

It is homogenous of degree one.

Capital and labour are perfect substitutes.

MRTS is always equal to 1.

3a. State whether or not the production function will exhibit a diminishing marginal product of labour? (answer in YES or NO only).

Word limit:1

3b. Provide a valid argument to justify your answer in Question (3a). In your argument, you need to specify the production function and draw the appropriate diagram.

Word limit: 25