Which among these production functions exhibit increasing returns to scale? (Clue: you should scale each input by a factor strictly greater than 1) Šelect one: a. F(K,L) = 12K + 8L b. F (K,L) = K^2+L^2 c. F (K,L) = K+4L^2 d. F (K,L) = K/L (ii) Suppose that the number of people employed is equal to 160.0 million. The number of people unemployed and looking for a job is 58 million. The number of people not in the labor force is 60 million. How much is the adult population participation rate? Select one: a. 78.4%. b. 26.6%. c. 73.75%. d. 37.5%. (iii) Which one is not considered as money Select one: a. Gold coins b. A subway token in a subway system c. Cigarettes in prisoner of war camps d. A cheque %3D

Which among these production functions exhibit increasing returns to scale? (Clue: you should scale each input by a factor strictly greater than 1) Šelect one: a. F(K,L) = 12K + 8L b. F (K,L) = K^2+L^2 c. F (K,L) = K+4L^2 d. F (K,L) = K/L (ii) Suppose that the number of people employed is equal to 160.0 million. The number of people unemployed and looking for a job is 58 million. The number of people not in the labor force is 60 million. How much is the adult population participation rate? Select one: a. 78.4%. b. 26.6%. c. 73.75%. d. 37.5%. (iii) Which one is not considered as money Select one: a. Gold coins b. A subway token in a subway system c. Cigarettes in prisoner of war camps d. A cheque %3D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following equations represent the long-run production functions for four different technologies, where capital and labor are both variable inputs. For each function, indicate whether it exhibits increasing, decreasing, or constant returns to scale. Clearly show your derivations. (Note that in parts a and c, the exponents are decimals.) f(L,K)= 8L²K4 b. f(L,K)= L+7K c. f(L,K)= L³K d. f(L,K)= 4L+K? а. с.
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