Labor, L , and capital, K , are the only inputs in each of the following production functions a q 1 (L K) 2 b q 2 (L K) 2 c q 3 (20 L K) 2 For each production function, use a spreadsheet to find the output associated with the following output combinations L 2, K 2 L 4, K 4 and L 8, K 8 Determine wh...

L Labor q 1 L K 2 K Capital ...

Labor, L , and capital, K , are the only inputs in each of the following production

Question:

Labor, L, and capital, K, are the only inputs in each of the following production functions:

a. q₁= (L + K)².

b. q₂= (√L + √K)².

c. q₃= (20 + √L + √K)².

For each production function, use a spreadsheet to find the output associated with the following output combinations: L = 2, K = 2; L = 4, K = 4; and L = 8, K = 8. Determine whether each production function exhibits increasing returns to scale, decreasing returns to scale, constant returns to scale, or variable returns to scale over this range.