Consider the following production functions:
1. Y = AK1/2L1/2
3. Y = (AK)2/3L2/3
4. Y = AH1/3L
For each of the production functions listed above:
- Determine whether the function exhibits CRS, diminishing returns to physical capital (or human capital, when applicable), and diminishing returns to labor.
- Check whether it satisfies the Inada conditions.
- Compute the per capita production function.