For the following functions are they concave or convex and what does that depend on? If...

For the following functions are they concave or convex and what does that depend on? If the answer is possibly both, over what ranges are the functions convex or concave?

(a) Y = AKαL 1−α with respect to K? with respect to L?

(b) Y = (αKρ + βLρ ) 1/ρ with respect to K? with respect to L?

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Expert Solution

Colby Messinger answered 1 year ago

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