A firm has the production function Q(L, K) = √K + 2√L. The price of one unit of capital isR> 0, and the price of one unit of labor is W> 0. Which of the following statements iscorrect?The production function can be represented by a CES production function [aL + bKº] for suitablevalues of a, b and p.The production function has increasing returns to scale.The marginal rate of technical substitution is MRTS (L, K) =2√LVROfW= R. the fi rm's demand for labor is four times the demand for capital.

The CES production function is a mathematical representation used in economics and production theory…

A firm has the production function Q(L, K) = √K+2√L. The price of one unit of capital is R> 0, and the price of one unit of labor is W> 0. Which of the following statements is correct? The production function can be represented by a CES production function [aL + bK"] for suitable values of a, b and p. O The production function has increasing returns to scale. The marginal rate of technical substitution is MRT Su (L,K) = 2 OfW= R. the fi rm's demand for labor is four times the demand for capital.