2. Verify for the Cobb-Douglas production function P(L; K) =
(1.01L^0.6) (K^0.4) that the production

2. Verify for the Cobb-Douglas production function P(L; K) =
(1.01L^0.6) (K^0.4) that the production will be doubled if both the
amount of labor and the amount of capital are doubled. [Here L is
the amount of labor, and K is the amount of capital.] Determine if
this is also true for the general production function P(L,K) =
(bL^n)(K^1-n). Is the production function P a homogeneous function?
If yes, what is its degree?