Question: Suppose that output q is a function of a single input, labor (L). Describe the returns to scale associated with each of the following production

Suppose that output q is a function of a single input, labor (L). Describe the returns to scale associated with each of the following production functions:

a. q = L/2.

b. q = L² + L.

c. q = log(L).

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a q L2 Let q be output when labor is doubled to 2L Then q 2L2 L Compare q to q by dividing q b... View full answer

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