3. (16 points) For each of the following production functions, determine whether it exhibits increasing, constant or
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Question:
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
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