Microeconomics: Principles & Policy
Microeconomics: Principles & Policy
14th Edition
ISBN: 9781337794992
Author: William J. Baumol, Alan S. Blinder, John L. Solow
Publisher: Cengage Learning
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Question 3. Do the following functions exhibit increasing, constant, or decreasing returns to scale? Explain your answers. a. q = aL + bK, where a and b are positive constants. b. The production function Q=2M0.5K0.5L0.5, where M is materials, K is capital and L is labour. This production function has three inputs: M, K and L. c. q = 2+3L+2K d. q = 0.5L¹/¹K3/2 |
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Transcribed Image Text:Question 3. Do the following functions exhibit increasing, constant, or decreasing returns to scale? Explain your answers. a. q = aL + bK, where a and b are positive constants. b. The production function Q=2M0.5K0.5L0.5, where M is materials, K is capital and L is labour. This production function has three inputs: M, K and L. c. q = 2+3L+2K d. q = 0.5L¹/¹K3/2 |
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