Question: ( 3 p t s ) Recall that a Cobb - Douglas production function has the form P = c L K with c ,

(3pts) Recall that a Cobb-Douglas production function has the form
P=cLK with c,,>0.
Economists talk about
increasing returns to scale if doubling L and K more than doubles P,
constant returns to scale if doubling L and K exactly doubles P,
decreasing returns to scale if doubling L and K less than doubles P.
What conditions on the sum + lead to
(a) constant returns to scale?
(b) decreasing returns to scale?
Fully justify your answers mathematically.
( 3 p t s ) Recall that a Cobb - Douglas

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