i need urgent i will 10 upvotes This problem is based on the material in the chapter appendix. Suppose that the economy's production function is given byY=KN¹-awhere Y is output, K is capital, and N is labor. Assume that a = 1/3.This production function is characterized byOA. constant returns to scale, because doubling inputs will double output.OB. increasing returns to scale, because doubling inputs will more than double output.OC. decreasing returns to scale, because doubling inputs will less than double output.OD. none of the above.Decreasing returns occur for the variablesOA. capital and labor.B. output and technology.OC. labor and output.OD. capital and output.

Returns to scale refers to the impact of increasing the scale or size of production on the resulting…

This problem is based on the material in the chapter appendix. Suppose that the economy's production function is given by Y=K²N¹-a where Y is output, K is capital, and N is labor. Assume that a = 1/3. This production function is characterized by OA. constant returns to scale, because doubling inputs will double output

This problem is based on the material in the chapter appendix. Suppose that the economy's production function is given by Y=K²N¹-a where Y is output, K is capital, and N is labor. Assume that a = 1/3. This production function is characterized by OA. constant returns to scale, because doubling inputs will double output

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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