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Consider the following production function: q= 0.25L+0.5K. Which term describe this production function's returns to scale? Select one: a. Decreasing Returns to Scale b. Constant Returns to Scale c. Increasing Returns to Scale

Consider the following production function: q= 0.25L+0.5K. Which term describe this production function's returns to scale? Select one: a. Decreasing Returns to Scale b. Constant Returns to Scale c. Increasing Returns to Scale

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Lesson 7- Production

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Consider the following production function: q= 0.25L+0.5K. Which term describe this production function's returns to scale? Select one: a. Decreasing Returns to Scale b. Constant Returns to Scale c. Increasing Returns to Scale
Transcribed Image Text:Consider the following production function: q= 0.25L+0.5K. Which term describe this production function's returns to scale? Select one: a. Decreasing Returns to Scale b. Constant Returns to Scale c. Increasing Returns to Scale
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