The Cobb-Douglas production function has:Select one:a.has constant returns to scale but diminishing marginal returns to capitalb.has constant returns to scale and increasing marginal returns to capitalc.has increasing returns to scale but diminishing marginal returns to capitald.has decreasing returns to scale and diminishing marginal returns to capital

In the long run the Cobb-Douglas production function;Select one:a.becomes steeper due to diminishing marginal returns to capitalb.becomes flatter due to diminishing marginal returns to capitalc.becomes steeper due to diminishing marginal returns to labourd.becomes flatter due to diminishing marginal returns to labour

Explain Cobb-Douglas production function.

Consider the “Cobb-Douglas” production function given by 𝑌=𝐴𝐾𝛼𝐿1−𝛼 where 𝐴>0 and 0<𝛼<1. Which of the following is FALSE?Group of answer choicesThe marginal product of capital is positiveThe marginal product of labour is positiveThere is diminishing returns to capitalThere is decreasing returns to scale

In the long run the Cobb-Douglas production function;

Assuming a Cobb-Douglas production function with constant returns to scale, then, as L rises with K and A constant, it will be the case that:Group of answer choicesThe marginal product of labour will rise and the marginal product of capital will fallBoth the marginal product of labour and the marginal product of capital will fallBoth the marginal product of labour and the marginal product of capital will riseThe marginal product of labour will fall and the marginal product of capital will rise