Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 25, 2024

A firms production function is given by the following expression: q ( L , K ) = 2 L 2 1 + K Does this

A firms production function is given by the following expression:

q(L,K)=2L21+K

Does this firm's production function exhibit increasing, decreasing, or constant returns to scale? (Show your work).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Business Law And The Legal Environment

Authors: Richard A Mann, Barry S Roberts

10th Edition

0324593562, 9780324593563

More Books

Students also viewed these Economics questions

Question

★★★★★

Tocksfor Company's general ledger included the following selected accounts (in thousands) at September 30, 2014: Accounts payable ....................................................... $1,077.3...

Answered: 1 week ago

Question

★★★★★

Chlorine (Cl 2 ) and fluorine (F 2 ) react to form ClF 3 . A reaction vessel contains 2.50 moles of Cl 2 and 6.15 moles of F 2 . (a) Write a balanced chemical equation for this reaction. (b) Which...

Answered: 1 week ago

Question

★★★★★

6.60 Let X be a binomial random variable with n = 36 and p=0.54. Use the normal approximation to find: a. P(X 25) b. P(15 X 20) c. P(X>30)

Answered: 1 week ago

Question

★★★★★

Brads Bicycle Shop sells 21-speed bicycles. For purposes of a cost- volume-profit analysis, t he shop owner has divided sales into two categories, as follows: Seventy percent of the shops sales are...

Answered: 1 week ago

Question

★★★★★

23. Provide two examples of situations that would result in an Employment Insurance deficiency

Answered: 1 week ago

Question

★★★★★

Does anyone have answers to MSOM 5051? Project Management

Answered: 1 week ago

Question

★★★★★

Explain why you chose the specific article? How is it relevant to the current health care landscape? Discuss current event from the perspective of a health care administrator. Document your thoughts...

Answered: 1 week ago

Question

★★★★★

7. A series of transactions for Ace Repair is given below. Use the chart to show the effect of each of the transactions on assets, liabilities, and owner's equity by placing an x in the appropriate...

Answered: 1 week ago

Question

★★★★★

(CLO3) Sam and Mike are discussing using a new project management framework. Mike mentions that no matter what the team should always be willing to try new things. Sam asks Mike to focus on the pros,...

Answered: 1 week ago

Question

★★★★★

What would be your opinion about these commenta? 1. The problem with prison gangs and violence is that there is no control inside those prisons. Corrections and jail wardens have a hard time...

Answered: 1 week ago

Question

★★★★★

3 Parametric Equations Parametric Equations 1. Consider the parametric equations 3 x= t+1 = 2t 1 (a) For what values of t are the parametric equations defined? (b) Sketch a graph of the curve on the...

Answered: 1 week ago

Question

★★★★★

The following income statement and balance sheet information is available for the operating segments of Bogart, Inc. Operating Segments ( In millions of dollars ) Grant Stewart Kelly Flynn Cagney...

Answered: 1 week ago

Question

★★★★★

4. Develop circular models, with positive and negative feedback loops, for the following situations: (a) In a poor third-world country, the population increase has been very large in the last ten...

Answered: 1 week ago

Question

★★★★★

Annoyance about a statement that has been made by somebody

Answered: 1 week ago

Question

★★★★★

6. Develop a circular model, with positive and negative feedback loops, showing the relationships between the following critical variables:

Answered: 1 week ago

Previous Question Next Question