Answer to Question #62915 in Macroeconomics for Adam

Question #62915
The production function Y = AK^αL^β with A = 2, α = 0.4 and β = 0.6 exhibits the following properties: (multiple answers can be correct) (a) concavity in L (b) convexity in L (c) constant returns to scale in K and L (d) homogeneity of degree 1 (in K and L) (e) increasing returns in K and L
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Expert's answer
2016-10-24T06:57:19-0400
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