Question
Consider the following production function x= f(l,k) = l^b k^b where x is the output, l is the labour input, k is the capital input,
Consider the following production function
x= f(l,k) = l^b k^b
where x is the output, l is the labour input, k is the capital input, and b is a positive constant
Can the production function exhibit both increasing marginal product of labour and decreasing returns to scale at the same time?
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Commercial Fishing On The Outer Banks
Authors: R Wayne Gray, Nancy Beach Gray
1st Edition
1439667055, 9781439667057
