Question 4. Consider the production function y = L/2+√K where L is labor and K is capital. a) Is this production function monotonic? Is it convex? Find the formula for isoquants, and graph the isoquants for 7 = 1 and 4 into a diagram. b) Find the marginal product for labor, and the marginal product for capital. Find the TRS. Explain. c) Is this a constant returns to scale technology? Explain.
Question 4. Consider the production function y = L/2+√K where L is labor and K is capital. a) Is this production function monotonic? Is it convex? Find the formula for isoquants, and graph the isoquants for 7 = 1 and 4 into a diagram. b) Find the marginal product for labor, and the marginal product for capital. Find the TRS. Explain. c) Is this a constant returns to scale technology? Explain.
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 4P
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