1.8. Do the following functions exhibit increasing, constant, or decreasing returns to scale? What happens to the...

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1.8. Do the following functions exhibit increasing, constant, or decreasing returns to scale? What happens to the marginal product of each individual factor as that factor is increased and the other factor held constant?

a. q = 3L + 2K

b. q = (2L + 2K)1/2

c. q = 3LK2

d. q = L1/2K1/2

e. q = 4L1/2 + 4K

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Microeconomics

ISBN: 9780132080231

7th Edition

Authors: Robert S. Pindyck, Daniel L. Rubinfeld

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Question Posted: Oct 26, 2024 04:01 AM

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1.8. Do the following functions exhibit increasing, constant, or decreasing returns to scale? What happens to the...

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Microeconomics

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