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(Solution Library) (a) Draw a graph showing a set of isoquants that depict capital and labour to be perfect complements in a production function that exhibits constant

Question: (a) Draw a graph showing a set of isoquants that depict capital and labour to be perfect complements in a production function that exhibits constant returns to scale. Be sure to label the input and output levels on the isoquants.

(b) Are the following statements true or false? Briefly justify your answers.

  1. With this type of production function, the conditional demand for each input must fall with its relative price?
  2. Marginal products in the Cobb-Douglas production function cannot be negative.

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