4) Please indicate whether the following production function has the characteristic ofCRS, IRS and DRS.(a) F(Z1, Z2)=(Zı+Z2)/21. CRS2.IRS3. DRS4. None of the above(b) F(K, L)=[aKP +(1-a)Lº ]Ve, (1>a>0, 1>p)1. CRS2. IRS3.DRS4. None of the above

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4) Please indicate whether the following production function has the characteristic of CRS, IRS and DRS. (a) F(Z1, Z2)=(Zi+Z2)1/2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

4) Please indicate whether the following production function has the characteristic of
CRS, IRS and DRS.
(a) F(Z1, Z2)=(Zı+Z2)/2
1. CRS
2.
IRS
3. DRS
4. None of the above
(b) F(K, L)=[aKP +(1-a)Lº ]Ve, (1>a>0, 1>p)
1. CRS
2. IRS
3.
DRS
4. None of the above

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