1

answer

0

watching

159

views

28 Sep 2019

4. List whether each of the following production functions has decreasing, increasing or constant returns to scale:

a. Q = Min (2K, L)

b. Q = L^.5K^.8

c. Q = L^.5 + K^.5

d. Q = 10 + K + L

1

answer

0

watching

159

views

For unlimited access to Homework Help, a Homework+ subscription is required.

You have 0 free answers left.
Get unlimited access to 3.8 million step-by-step answers.

Get unlimited access

Already have an account? Log in

Chika IlonahLv10

28 Sep 2019

Unlock all answers

Get 1 free homework help answer.

Already have an account? Log in

Related textbook solutions

Principles of Economics

2nd Edition, 2017

ISBN: 9781947172364

Principles of Macroeconomics

ISBN: 9781947172388

Principles of Microeconomics

ISBN: 9781947172340

Related questions

Determine whether each of the following production functions exhibits increasing, constant, or decreasing returns to scale:

a. Q=100,000+500L+100K

b. Q=0.01K³+4K²L+L²K+0.0001L³,

c. Q=50K^1/2L^1/2,

d. Q=0.001M+50,000

e. Q=15K+0.5KL+30L

f. Q=AK^â1-aL^2a, a>0.

byzantiumwasp229

1. Identify the returns to scale for each production function.

a) f(K,L) = (K^1/4)*(L^2/3)

b) f(K,L) = 3K+2L

c) f(K,L) = min(3L,4K)

d) f(K,L) = 2*((K^1/5)*(L^4/5))

e) f(K,L) = (2K^2)+L^2

Determine whether the following production function have increasing, decreasing or constant returns to scale.

a. Q = 0.001M + 50,000 (5)

b. Q = 15K +0.5KL + 30L (5)

sangriamosquito878

Weekly leaderboard

Homework Help 3,900,000

Economics 400,000

Start filling in the gaps now

New to OneClass?Sign up