Under what conditions do the following production functions exhibit decreasing, constant, or increasing returns to scale? a.

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Under what conditions do the following production functions exhibit decreasing, constant, or increasing returns to scale?

a. q = L + K

b. q = L^a x K^b

c. q = L + L^a x K^b + K

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Microeconomics Theory and Applications with Calculus

ISBN: 978-0133019933

3rd edition

Authors: Jeffrey M. Perloff

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Posted Date: Mar 29, 2022 10:18 AM

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Under what conditions do the following production functions exhibit decreasing, constant, or increasing returns to scale? a.

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a qLKLK lets supply the inputs by c times ... View the full answer

Microeconomics Theory and Applications with Calculus

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