Which of the following production functions exhibit constant returns to scale? In each case y is output and K and L are inputs. (1) y = K 1/2 L 1/3 (2) y = 3 K 1/2 L 1/2 . (3) y = K 1/2 + L 12 . (4) y = 2 K + 3 L. O 1, 3, and 4 O 1, 2, and 4 2 and 4 2,3, and 4 2 and 3

Which of the following production functions exhibit constant returns to scale? In each case y is output and K and L are inputs. (1) y = K 1/2 L 1/3 (2) y = 3 K 1/2 L 1/2 . (3) y = K 1/2 + L 12 . (4) y = 2 K + 3 L. O 1, 3, and 4 O 1, 2, and 4 2 and 4 2,3, and 4 2 and 3

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Question

Which of the following production functions exhibit constant returns to scale?
In each case y is output and K and L are inputs. (1) y = K 1/2 L 1/3 (2) y = 3 K 1/2 L 1/2 (3) y = K 1/2 + L 1/2 (4) y = 2 K + 3 L.
O 1, 3, and 4
O 1, 2, and 4
2 and 4
2, 3, and 4
2 and 3

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