ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Problem 9: Under what conditions do the following production functions exhibit constant, increasing, and decreasing returns to scale? (a) (b) 3 q=L+ K. q=AL KB. q = L + LºK³ + K. (this a linear production function). (this is a Cobb-Douglas production function)
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Transcribed Image Text:Problem 9: Under what conditions do the following production functions exhibit constant, increasing, and decreasing returns to scale? (a) (b) 3 q=L+ K. q=AL KB. q = L + LºK³ + K. (this a linear production function). (this is a Cobb-Douglas production function)
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