Which of the following production functions are homogeneous? For those functions which are homogeneous, write down their

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Which of the following production functions are homogeneous? For those functions which are homogeneous, write down their degrees of homogeneity and comment on their returns to scale.

(a) Q = 500K^1/3L^1/4
(b) Q = 3LK + L²
(c) Q = L + 5L²K³

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Mathematics for Economics and Business

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Which of the following production functions are homogeneous? For those functions which are homogeneous, write down their

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The functions in parts a and b are homoge...View the full answer

Mathematics for Economics and Business

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