Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 9, Problem 2.2P
To determine

The production function of a firm exhibiting both increasing and decreasing returns to scale.

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A farm producing wheat has the following production function Q = 4L + 3K. Does the above function exhibit increasing, constant, or decreasing returns to scale? Prove and explain your answer.
Suppose a firm has the following production function Q (K, L) =K0.5 L0.4. Show mathematically whether the firm has increasing, decreasing, or constant returns to scale.
If a firm has economies of scale, it must have increasing returns to scale. True or false? PLEASE EXPLAIN IN DETAIL .
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