Question
Determine the returns to scale for each of the production functions below (provide detailed explanations) (a) Q = AKL = 5K0.4L0.5 (b) Q = AKL
Determine the returns to scale for each of the production functions below (provide detailed explanations)
(a) Q = AKL = 5K0.4L0.5
(b) Q = AKL = 5K0.2L0.6
(c) Q = AKL = 5K0.4L0.6
(d) Q = AKL = 5K0.8L0.3
3
(e) Q = AKL = 5K0.5L0.5
(f) Q = AKL = 5K0.4L0.2
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Agricultural Economics
Authors: Evan Drummond, John Goodwin
3rd edition
136071929, 978-0136071921
