Economics · Theory of Production
If the marginal rate of technical substitution (MPL/MPK) does not change with any proportionate change in labor and capital, then the production function is:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Homothetic✓
- 2Homogeneous
- 3Non-linear
- 4Linear
Correct answer
Homothetic
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