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. Consider the following production functions f(L, K) a firm with production labor L and capital K produces = f(L, K) units. For each production
. Consider the following production functions f(L, K) a firm with production labor L and capital K produces = f(L, K) units. For each production function: (i) sketch some \"iso-output\" curves for @ = 100, i.e., curves for which f(L, K) is constant and equal to 100. (Put L on the z-axis and K on the y-axis); and (ii) If the firm doubles both labor and capital, does its production change? (You can answer this by plugging in some sample values for L and K). Given your answer to (ii), does the technology give constant, decreasing, or increasing returns to scale? (a) f(L,K)=20VL K (b) f(L,K) = LK () f(L,K)=min{L,2K} (d) f(L,K)=8L+7K
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