Question
What are returns to scale? Under what conditions (that is, for what values of the parameters a and b) does the Cobb-Douglas production function,q =
What are returns to scale? Under what conditions (that is, for what values of the parameters a and b) does the Cobb-Douglas production function,q = K^aL^b, exhibit constant and increasing returns to scale?
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Ans A Returns to scale is the parameter to measure the efficiency of production function relative to ...
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Authors: James T. McClave, Terry T Sincich
12th Edition
9780321831088, 321755936, 032183108X, 978-0321755933
