Hi please help; how do you work out the degree of homogeniety of the following production function
q = l^1/2 k + k^3/2
This is what I think:
This polynomial in 2 variables ($\displaystyle l,k$) is homogenous of degree $\displaystyle \frac{3}{2}$ because if we add the exponents of the variables of each term we get for the first term $\displaystyle 1+\frac{1}{2}=\frac{3}{2}$ and also $\displaystyle \frac{3}{2}$ for the second term.