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Which of the following production functions exhibit constant returns to scale?In each case y is output and K and L are inputs. (1)y =K 1/2
Which of the following production functions exhibit constant returns to scale?In each case y is output and K and L are inputs.
(1)y =K1/2L1/3
(2)y =3K1/2L1/2
(3)y =K1/2+L1/2
(4)y =2K +3L
a.2 and 4
b.2 and 3
c.1, 2 and 4
d.2, 3 and 4
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