Question
For each of the following production functions, indicate whether the production function exhibits increasing, decreasing, or constant returns to scale. Q = L 0.6 K
For each of the following production functions, indicate whether the production function exhibits increasing, decreasing, or constant returns to scale.
Q = L0.6K0.4 | Answer 1Choose...increasing returns to scale constant returns to scale decreasing returns to scale |
Q = 10 + 5L + 5K | Answer 2Choose...increasing returns to scale constant returns to scale decreasing returns to scale |
Q = 5L + 5K + 5LK | Answer 3Choose...increasing returns to scale constant returns to scale decreasing returns to scale |
Q = L0.4K0.7 | Answer 4Choose...increasing returns to scale constant returns to scale decreasing returns to scale |
Q = L0.3K0.3N0.3 | Answer 5Choose...increasing returns to scale constant returns to scale decreasing returns to scale |
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