Answered step by step
Verified Expert Solution
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
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