Question

For each of the following production functions, (i) sketch an isoquant, (ii) indicate whether each marginal product is diminishing, constant, or increasing points, and (iii) indicate whether the production function shows constant, decreasing, or increasing returns to scale.

A) Q = f(L, K) = L²K³

B) Q = f(L, K) = 2L + 6K

C) Q = f(L, K) = (minL, K) ^(1/2)

Answer 1