A12. Which of the following production functions does not feature constant returns to scale? a) Y₁ = KO.³L0.7 b) Yt = 0.6Kt +0.4Lt c) Yt = (Kt - 1)0.4L0.6 d) Yt = 6Kt + 4Lt
A12. Which of the following production functions does not feature constant returns to scale? a) Y₁ = KO.³L0.7 b) Yt = 0.6Kt +0.4Lt c) Yt = (Kt - 1)0.4L0.6 d) Yt = 6Kt + 4Lt
Chapter8: Production And Costs
Section8.4: Costs Of Production: Total, Average, Marginal
Problem 1ST
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![A12. Which of the following production functions does not feature constant returns to scale?
-0.3
a) Y₁ = K0.³ L0.7
t
b) Yt = 0.6Kt +0.4Lt
c) Y = (Kt – 1)04L06
-
d) Yt = 6Kt + 4Lt](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3933e659-0e4e-4082-b0d0-cddeecd047c4%2F6adbd748-a6af-4d7b-b384-43dd89522b06%2Fweuni6_processed.png&w=3840&q=75)
Transcribed Image Text:A12. Which of the following production functions does not feature constant returns to scale?
-0.3
a) Y₁ = K0.³ L0.7
t
b) Yt = 0.6Kt +0.4Lt
c) Y = (Kt – 1)04L06
-
d) Yt = 6Kt + 4Lt
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