Determine whether each of the production functions below displays constant, increasing, or decreasing returns to scale: a.
Question:
a. Q = 10K0.75L0.25
b. Q = (K0.75L0.25)2
c. Q = K0.75L0.75
d. Q = K0.25 L0.25
e. Q = K + L + KL
f. Q = 2K2 + 3L2
g. Q = KL
h. Q = min(3K, 2L)
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Related Book For
Microeconomics
ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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