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Question 1 1 pts The (one-input) production function f(L) = L2 (Lsquared) has what kind of returns to scale? ' Decreasing returns to scale '
Question 1 1 pts The (one-input) production function f(L) = L"2 (Lsquared) has what kind of returns to scale? ' Decreasing returns to scale ' Constant returns to scale ' Increasing returns to scale Question 2 If w goes down, L' (the cost-minimizing level of labor), must do which of the following: Stay the same or increase Stay the same or decrease Could increase, stay the same, or decrease 1 pts Question 3 1 pts True or false: If the quantity Q of units to be produced increases, then the level K" of quantity of capital used must increase. True False Question 4 In general, as we move to a point on the same isoquant that has more labor, the MRTS (the slope of the isoquant), will do what? Get more at (less negative) or stay the same Get more steep (more negative) or stay the same Question 5 1 pts Suppose f(L,K) = L+K and w
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