Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Which of the following statements will be false about the long-run production function, f(L,K) = 3L^2sqrt.K? A. MRTS of Labor for capital is diminishing in
Which of the following statements will be false about the long-run production function, f(L,K) = 3L^2sqrt.K?
A. MRTS of Labor for capital is diminishing in L
B. MRTS of Labor for capital is increasing in K
C. Product function exhibits increasing return to scale
D. Marginal productivity of capital is decreasing in K
E. Marginal productivity of labor is decreasing in labor
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started