Which of the following production functions are homogeneous? For those functions which are homogeneous, write down their
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Which of the following production functions are homogeneous? For those functions which are homogeneous, write down their degrees of homogeneity and comment on their returns to scale.
(a) Q = 500K1/3L1/4
(b) Q = 3LK + L2
(c) Q = L + 5L2K3
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