Economics 2150A/B Lecture 7: lecture 7, 22-10
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25 Oct 2019
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Suppose the production function illustrated with the information in the table below: This production function exhibits ____________ returns to scale. Please fill in the blank based on the chart below. Thanks.
K=1 | K=2 | K=3 | |
L=1 | 50 | 70 | 80 |
L=2 | 70 | 100 | 120 |
L=3 | 80 | 120 | 150 |