- 6 5pts Consider The Production Function Y K L Does This Production Function Exhibit Increasing Decreasing Or 1 (21.12 KiB) Viewed 18 times
6. (5pts.) Consider the production function: y = √k+l. Does this production function exhibit increasing, decreasing, or
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6. (5pts.) Consider the production function: y = √k+l. Does this production function exhibit increasing, decreasing, or
6. (5pts.) Consider the production function: y = √k+l. Does this production function exhibit increasing, decreasing, or constant returns to scale? Why? 7. (5pts.) True or False: MRS is always equal to MRT at a consumer's optimal consumption bundle. If true, briefly explain why; if false, give an example. 8. (5pts.) A consumer has a Walrasian demand function for good r of: w, m. Does their demand obey the law of demand? Is this good a normal or inferior good? Explain.