Suppose the Production Function for Good Q Is Given by Q

question 14

Multiple Choice

Suppose the production function for good q is given by q = 3K + 2 L where K and L are capital and labour inputs. Consider three statements about this function: I. The function exhibits constant returns to scale.
II) The function exhibits diminishing marginal productivities to all inputs.
III) The function has a constant rate of technical substitution.
Which of these statements is true?

• A) All of them.
• B) Only I.
• C) I and II but not III.
• D) I and III but not II.

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Definitions:

Need to Belong

A fundamental human motivation to form and maintain positive, stable interpersonal relationships with others.

Extrinsic Motivation

A type of motivation driven by external rewards, such as money, fame, grades, or praise, rather than internal satisfaction.

Achievement Motivation

A psychological concept that drives individuals to pursue and attain goals, often associated with a desire for success.

Egosystem Goals

Egosystem goals refer to personal objectives that focus on gaining approval, influence, or power, often emphasizing self-enhancement and protection.