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Determine if each production function exhibits decreasing, increasing or constant returns to scale. If your answer depends on a and b, explain how. Mathematically justify and show your work. = a. Q(L,K) aL + bK b. Q(L,K) LªKb c. Q(L,K) (La + Ka) 1/b

Determine if each production function exhibits decreasing, increasing or constant returns to scale. If your answer depends on a and b, explain how. Mathematically justify and show your work. = a. Q(L,K) aL + bK b. Q(L,K) LªKb c. Q(L,K) (La + Ka) 1/b

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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Determine if each production function exhibits decreasing, increasing or constant returns to scale. If your answer depends on a and b, explain how. Mathematically justify and show your work. = a. Q(L,K) aL + bK b. Q(L,K) LªKb c. Q(L,K) (La + Ka) 1/b
Transcribed Image Text:Determine if each production function exhibits decreasing, increasing or constant returns to scale. If your answer depends on a and b, explain how. Mathematically justify and show your work. = a. Q(L,K) aL + bK b. Q(L,K) LªKb c. Q(L,K) (La + Ka) 1/b
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