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Discuss the production functions below are neoclassical

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1. Discuss if the production functions below are neoclassical. That is, show whether they satisfy the assumptions discussed in class of (1) Increasing in both capital and labor, (2) constant returns to scale, (3) diminishing marginal products of capital and labor, and (4) the Inada conditions.1. Y = AKαL1-αwhere A is a constant. Do you have to make any assumptions about α?

2. Y = AK + BL, where A and B are constants3. Y = min{AK,BL} where A and B are constants.

Reference no: EM133083397

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