which of the following production functions is an increasing, decreasing or consistent return to scale please show your work a. y=L^0.3K^0.5 b. y= LK^0.5 c. y= L + K
which of the following production functions is an increasing, decreasing or consistent return to scale please show your work a. y=L^0.3K^0.5 b. y= LK^0.5 c. y= L + K
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Costs And The Supply Of Goods
Section: Chapter Questions
Problem 9CQ
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which of the following production functions is an increasing, decreasing or consistent return to scale please show your work
a. y=L^0.3K^0.5
b. y= LK^0.5
c. y= L + K
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