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3. (16 points) For each of the following production functions, determine whether it exhibits increasing, constant or decreasing returns to scale: a) Q =2K +

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3. (16 points) For each of the following production functions, determine whether it exhibits increasing, constant or decreasing returns to scale: a) Q =2K + 4L b) Q = 2L + L/K c) Q = Min(K,3L) d) Q = L*K MacBook Pro % * > & W # 5 OO

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