Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Financial Accounting

Authors: Craig Deegan

9th Edition

1743767382, 9781743767382

Students also viewed these Economics questions