The Crocs production function is q = 22.7L0.88K0.48, where L is labor and K is capital. Epple,
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The Crocs production function is q = 22.7L0.88K0.48, where L is labor and K is capital. Epple, Gordon, andSieg (2010) estimated that the production function for U.S. housing is q = 1.38L0.144M0.856, where L is land and M is an aggregate of all other mobile, nonland factors, which we call materials. Haskel and Sadun (2012) estimated the production function for U.K. supermarkets is q = L0.23K0.10M0.66, where L is labor, K is capital, and M is materials. Are the returns to scale decreasing, constant, or increasing for each of these production functions?
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The returns to scale for the Cro cs production function are decreasing as ...View the full answer
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Managerial Economics And Strategy
ISBN: 9780134899701
3rd Edition
Authors: Jeffrey M. Perloff, James A. Brander
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