Question: Recall that a Cobb - Douglas production function has the form P = cLK with c , , > 0 . Economists talk about increasing

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.

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