Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Classify the following production functions as CRS, DRS, or IRS (Note: x^2 means x-squared). You don't have to give an explanation. Just write the production

Classify the following production functions as CRS, DRS, or IRS (Note: x^2 means x-squared). You don't have to give an explanation. Just write the production function in the answer box below, and next to it, write IRS, CRS, or DRS.

(1) Y = A(K^2)(L^2)

(2) Y = KL

(3) Y = A(K)(L^2)

(4) Y = A(K^(1/2))(L^(1/2))

(5) Y = AK/L

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Principles of Economics

Authors: N. Gregory Mankiw

8th edition

1305585127, 978-1305971493, 978-1337516860, 1337516864, 978-0357539200, 978-1305585126

More Books

Students also viewed these Economics questions

Question

2. What do the others in the network want to achieve?

Answered: 1 week ago

Question

1. What do I want to achieve?

Answered: 1 week ago