Question: 1 1 Mackenzie's firm faces the following production function: Q 3 L 2 K2 , where Q is the amount of products produced by

1 1 Mackenzie's firm faces the following production function: Q 3 L
2 K2 , where Q is the amount of products produced by

1 1 Mackenzie's firm faces the following production function: Q 3 L 2 K2 , where Q is the amount of products produced by the firm, L is the number of hours of labour employed, and K is the amount of capital utilized by the firm. How many products are produced if the firm uses 36 hours of labour and 36 units of capital? Number How many products are produced if the firm uses 121 hours of labour and 121 units of capital? Number The firm displays O All of the above O Increasing O None of the above O Constant O Decreasing returns to scale.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!