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For each of the following production functions, determine whether it exhibits increasing, constant or decreasing returns to scale: a) Q = 2K + L b)
For each of the following production functions, determine whether it exhibits increasing, constant or decreasing returns to scale:
a) Q = 2K + L
b) Q = 3L + L/K
c) Q = Min(2K,L)
d) Q = L*K
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The Macro Economy Today
Authors: Bradley R. Schiller, Karen Gebhardt
14th edition
1259291820, 978-1259291821
