4. Jake's Free Runoff Bottled Water Company Produces with the Long Run Production Function Q=K¹/3L2/3 Currently K = 4 and L=4. Suppose Jake doubles inputs to K=8 and L=8, as a result of this increase in input use a. Jake realizes constant returns to scale. b. Jake realizes increasing returns to scale c. Jake suffers decreasing returns to scale d. Jake realizes he is operating at minimum efficient scale

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Q: 31. The market structure for a software product called Wrowserware is oligopoly (more precisely,…

A:

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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.