Problem 1: Consider the following alternative functional forms for production:. a) Y =aK+bL; for a>0 and b>0. b) Y =AKaLb; for 0<a<1 and b>1For each of them, check whether they satisfy the two key properties required by thegrowth model studied in class (namely, decreasing marginal productivities of inputs,and constant returns to scale).
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