A production function expresses the relationship between inputs, such as capital (K) and labor (L), and output (Y). The following equation represents the functional form for a production function:q=f(K,L)

If a production function exhibits constant returns to scale, this means that if you double the amount of capital and labor used, output is equal to twice its original amount.

Suppose the production function is as follows: f(K,L)=4K+8L

Prove that this production function exhibits constant returns to scale by completing the following algebraic equations. Assume thatzis a positive number.

fzK,zL=4(zK)+8(zL)

=z(4K+8L)

=zf(K,L)

=zq

Which of the following production functions exhibit constant returns to scale?Check all that apply.

1. fK,L=KL
2. f(K,L)=8K^0.3 L^0.1
3. f(K,L)=7K^0.3L^0.7

I have selected #3 and #1

Please review and see if correct mostly the last part. Thanks.