1. For each of the following production functions, determine if the tech- nology exhibits increasing, decreasing, or constant returns to scale. a. f(L;K)=L+Kb. f(L;K)=pL+pKc. f(L:K)=LK+L+Kd. f(L;K)=pKL+L+K

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A: Isoclines are curves on an isoquant map that pass through points with identical marginal rates of…

Q: Consider the following production function: q = (KL)ª, where a > 0. Answer the following questions:…

A: Given  Production function: q=KLα where α>0             ............ (1)

Q: Explain how a firm can have constant returns to scale in production and economies of scale in cost.

A: Constant Returns to scale refers to the situation where with the change in the production, the cost…

Q: H8. Which of the following production functions exhibit(s) constant returns to scale?​I. Q = Min…

A: There are CRS if the doubling the all inputs result in the double of output.

Q: Question 2 Marge's Hair Salon production function is Q=f(K, L) = K0.5 10.5 where K is the number of…

A: Production function refers to a function that shows the technological relation between the factor of…

Q: Which of the following production functions exhibit constant returns to scale? In each case y is…

A: Given: The production functions are: 1y=K12L132y=3K12L12(3)y=k12+L12(4)y=2K+3L

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A: As given Q = L + 4K , W = 5 and r = 25 also Given Q =100

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A: please find the answer below.

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A: Taking each option one by one  Skills: it is the specific or special way to do some work.…

Q: Explain the three types of returns to scale with Cobb-Douglas production function.

A:

Q: Which of the following production function exhibits Economies of Scale? Q = K/2 + L O Q = K? + L Q =…

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Q: 1) Draw and label the AFC, AVC, ATC, and MC curves when FC = 0. Assume when the production level i…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: 1. For each of the following production functions, determine whether there areincreasing, constant…

A: A production function shows the maximum level of output that can be produced with the help of…

Q: A firm faces the production function: q=10L^0.32 K^0.56  (a) What kind of returns to scale does…

A:

Q: Does the production function 50 q = 1000L - exhibit increasing, decreasing, or constant returns to…

A: Production function refers to a functional relationship between input and output.

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A: Average cost= Total cost/ Quantity.

Q: With appropriate illustrations fully distinguish between the following: i.PRODUCTION FUNCTION and…

A: As per the guidelines, we are allowed to answer the first three subparts only. Kindly post the…

Q: 600                 2100                 2500                 2600…

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Q: 1. For each of the following production functions, determine whether there are increasing, constant…

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A: Answer c) A constant return to scale is when an increase in input results in a proportional increase…

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Q: Consider the following Cob-Douglas production function: f(k.1) = K°P°, where a 20 and > 0. 1. Show…

A: a) f(k,l) = kαlβf(nk,nl) = (nk)α(nl)β f(nk,nl) =nαkαnβlβf(nk,nl) =nα+β*(kαlβ)It is given that α>0…

Q: how that the two-input Cobb-Douglas production function (attached) has decreasing return in scale…

A: Answer to the question is as follows :

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A: The following problem has been solved as follows:

Q: 1) Suppose a firm uses capital, K, and labor, L, to produce output. Verify whether the following…

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Q: Explain how a change in the price of one input factor changes a firm’s long-run expansion path?

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.