Solution-Comment on the realism of the functional form

Comment on the realism of the functional form

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Reference no: EM131214521

For the following production function, please do the following:

Y = aK + bL; a,b > 0

Part A. Find whether they have increasing, constant, or decreasing Returns To Scale;

Part B. Draw the isoquant map for two or more levels of output;

Part C. Derive the marginal rate of substitution of K for L;

Part D. Comment on the realism of the functional form for a trucking industry.

Reference no: EM131214521

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Comment on the realism of the functional form

Reference no: EM131214521

Reference no: EM131214521

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