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Foreach of the following production functions, determine whether it exhibits increasing, constant or decreasing returns to scale: a) Q = K + L b) Q
Foreach of the following production functions, determine whether it exhibits increasing, constant or decreasing returns to scale:
a) Q = K + L
b) Q = L + L/K
c) Q = Min(2K,2L)
d) Q = (L.5)(K.5)
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