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Author Question: For a fixed proportion production function, at the vertex of any of the (L-shaped) isoquants the ... (Read 72 times)

Awilson837

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on: Jul 1, 2018
For a fixed proportion production function, at the vertex of any of the (L-shaped) isoquants the marginal productivity of either input is
 a. constant
  b. zero.
 c. negative.
  d. a value that cannot be determined.

Question 2

Suppose the production function for good q is given by q = 3K + 2 L where K and L are capital and labor inputs. Consider three statements about this function: I. The function exhibits constant returns to scale. II. The function exhibits diminishing marginal productivities to all inputs. III. The function has a constant rate of technical substitution. Which of these statements is true?
 a. All of them.
  b. None of them.
  c. I and II but not III.
  d. I and III but not II.
  e. only I.


cdmart10

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

d


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