Econ 501 Homework Assignment 5 Due Tuesday Feb. 19th 1.BB 6.5 Are the following statements correct or incorrect? Briefly justify your answer. a)If the average product is increasing, marginal product must be less than average product. b)If marginal product is negative, average product must be negative. c)If average product is positive, total product must be rising. d)If total product is increasing, marginal product must also be increasing. 2.BB 6.10 Consider the production function23QKLL=−, where K is capital and L is labor. a)Sketch a graph of the isoquants for this production function. b)Does this production function have an uneconomic region? Why or why not? 3.BB 6.21 Consider a CES production function given by 0.50.5 2()L=+. a)What is the elasticity of substitution for this production function? b)Does this product function exhibit increasing, decreasing, or constant returns to
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