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I need help with the following questions: I have been given the production function: f(l,k)=(l 2 +k 2 ) 1/3 1) I have to explain
I need help with the following questions:
I have been given the production function: f(l,k)=(l2+k2)1/3
1) I have to explain if the production function has decreasing, increasing or constant return to scale?
how do I explain this?
2) Is the production function concave ?
3) is the marginal product for input 1 and input 2 decreasing?
4) how do I calculate TRS from this production function?
and finally 5) does the production function decreasing numeric TRS along the isoquant line?
thank you!
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