Question 3 For each one of the following production function determine whether it has constant, increasing or decreasing return to scale (prove): a. F(K, L) = 5K+ 3L b. F(K, L) = K0.7 + 10.3 c. F(K, L) = K0.2 0.1 d. F(K, L) = 5 (2+1)

Question 3 For each one of the following production function determine whether it has constant, increasing or decreasing return to scale (prove): a. F(K, L) = 5K+ 3L b. F(K, L) = K0.7 + 10.3 c. F(K, L) = K0.2 0.1 d. F(K, L) = 5 (2+1)

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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