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Consider these production functions: a. f(K,L} = K2L b. f(K,L} = K1/3L1/3 c. f(K,L) = 2K + L How would you categorize the returns to
Consider these production functions: a. f(K,L} = K2L b. f(K,L} = K1/3L1/3 c. f(K,L) = 2K + L How would you categorize the returns to scale of each production function respectively? a. Constant Returns to Scale b. Decreasing Returns to Scale c. Increasing Returns to Scale a. Increasing Returns to Scale b. Decreasing Returns to Scale 0. Constant Returns to Scale a. Increasing Returns to Scale b. Constant Returns to Scale 0. Decreasing Returns to Scale None of the above
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