A firm has the production function q = f(L, K) = min{L¹/2, K1/2). This firm has: increasing returns to scale decreasing returns to scale None of the above constant returns to scale

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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A firm has the production function q = f(L, K) = min{L¹/2, K1¹/2}. This firm has:
increasing returns to scale
decreasing returns to scale
O None of the above
O constant returns to scale
Transcribed Image Text:A firm has the production function q = f(L, K) = min{L¹/2, K1¹/2}. This firm has: increasing returns to scale decreasing returns to scale O None of the above O constant returns to scale
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