In each blank type increasing, decreasing or constant to describe the returns to scale of the given production function. 1 a. The production function Q 3 = 3L°K exhibits returns to scale. b. The production function Q = LK? exhibits c. The production function Q = 3L + K exhibits returns to scale. returns to scale.
In each blank type increasing, decreasing or constant to describe the returns to scale of the given production function. 1 a. The production function Q 3 = 3L°K exhibits returns to scale. b. The production function Q = LK? exhibits c. The production function Q = 3L + K exhibits returns to scale. returns to scale.
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.8P
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Question
![In each blank type increasing, decreasing or constant to describe the returns to scale of the given production function.
1
a. The production function Q
3
= 3L°K exhibits
returns to scale.
b. The production function Q = LK? exhibits
c. The production function Q = 3L +K exhibits
returns to scale.
%3D
returns to scale.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8fa72c39-e5ce-4595-8d85-d9bd03225792%2Fe463868f-62c5-452f-9133-32b14611c4c8%2Fa4n6mcs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In each blank type increasing, decreasing or constant to describe the returns to scale of the given production function.
1
a. The production function Q
3
= 3L°K exhibits
returns to scale.
b. The production function Q = LK? exhibits
c. The production function Q = 3L +K exhibits
returns to scale.
%3D
returns to scale.
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