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Hi, can you help me check if these answers are right? Consider a production function for an economy wherc L is labour, K is capital,
Hi, can you help me check if these answers are right?
Consider a production function for an economy wherc L is labour, K is capital, and N is land. In this cconomy the factors of production are in fixed supply with L = 60, K= 60, and N-60 a. What is the level of output in this country?77.47 b. This production function exhibit: (Enter the letter that matchs the correct answer) A. Increasing Returns to Scale B. Constant Return to Scale C. Decreasing Returns to Scale c. If the economy is competitive so that factors of production are paid the value of their marginal products, what share of total income will go to land 10Step by Step Solution
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