Question: Question 3. (15 points, 3 points for each function) Do the following functions exhibit increasing, constant, or decreasing returns to scale? Explain your answers. (Note:

Question 3. (15 points, 3 points for each function) Do the following functions exhibit increasing, constant, or decreasing returns to scale? Explain your answers. (Note: q is the quantity of products produced, L is labour, and K is capital) a. q = 8L + 3K b. q= 10.5 K0.5 70.5. This function is a Cobb-Douglas production function with three inputs: labor (L), capital (K), and technology (T). c. q = 12 / K d. q= 5 13 + 213 e. q = min (3L, 5K) + 10

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