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Do the following production functions have increasing, decreasing, or constant returns to scale? Which ones fail to satisfy the law of diminishing returns? a. Q = 4K1/2L1/2 b. Q = aK2 = bL2 c. Q = min (aK, bL) d.

Do the following production functions have increasing, decreasing, or constant returns to scale? Which ones fail to satisfy the law of diminishing returns?
a. Q = 4K1/2L1/2
b. Q = aK2 = bL2
c. Q = min (aK, bL)
d. Q = 4K + 2L
e. Q = K0.5L0.6
f. Q = K10.3K20.3L0.3

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a FKL 4 K 12 L 12 F cKcL 4 cK 12 cL 12 cF KL so constant returns MPL 2 K 12 L 12 MPK 2 L 12 K 12 bot…View the full answer


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Microeconomics and Behavior

Microeconomics and Behavior

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9th edition

Authors: Robert Frank

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Posted Date: December 12, 2014 10:21:56
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