Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Is the following production function homogeneous? If so, nd the degree of homogeneity and comment on the returns to scale. Q=3K4L2+K3L4 Select the correct choice

image text in transcribed

image text in transcribed
Is the following production function homogeneous? If so, nd the degree of homogeneity and comment on the returns to scale. Q=3K4L2+K3L4 Select the correct choice below and, if necessary, ll in the answer box to complete your choice. 0 A This function is homogeneous. The degree of homogeneity is D and the function exhibits decreasing returns to scale. (Type a whole number.) 0 B- This function is homogeneous. The degree of homogeneity is D and the function constant returns to scale. (Type a whole number.) . O C. This function is homogeneous. The degree of homogeneity is D and the function exhibits increasing returns to scale. (Type a whole number.) 0 D. This function is not homogeneous

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Dynamic Inequalities On Time Scales

Authors: Ravi Agarwal, Donal O'Regan, Samir Saker

1st Edition

3319110020, 9783319110028

More Books

Students also viewed these Mathematics questions

Question

What are the functions of top management?

Answered: 1 week ago

Question

Bring out the limitations of planning.

Answered: 1 week ago

Question

Why should a business be socially responsible?

Answered: 1 week ago

Question

Discuss the general principles of management given by Henri Fayol

Answered: 1 week ago