Question
For each of the following production functions, determine whether it exhibits increasing, constant, or decreasing returns to scale. Select your answer from the dropdown box.
For each of the following production functions, determine whether it exhibits increasing, constant, or decreasing returns to scale. Select your answer from the dropdown box.
a. Q = 2L + L/K choose one ["Increasing", "Constant", "Decreasing"]
b. Q = Min(2L, K) choose one ["Increasing", "Constant", "Decreasing"]
c. Q = L1/2K1/2 choose one ["Increasing", "Constant", "Decreasing"]
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The Macro Economy Today
Authors: Bradley R. Schiller, Karen Gebhardt
14th edition
1259291820, 978-1259291821
