The following equations represent the long-run production functions for four different technologies, where capital and labor are both variable inputs. For each function, indicate whether it exhibits increasing, decreasing, or constant returns to scale. Clearly show your derivations. (Note that in parts a and c, the exponents are decimals.) f(L,K)= 8L²K4 b. f(L,K)= L+7K c. f(L,K)= L³K d. f(L,K)= 4L+K? а. с.

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Q: Q2: Suppose that a firm's production function of output Q is a function of only two inputs, L and K…

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Q: 2. Which of the following production functions with inputs K, L, and H exhibits Constant Returns to…

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Q: The following equations represent the long-run production functions for four different technologies,…

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A:

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Q: A firm’s only variable factor is labour and it produces a single product, X. It also has fixed…

A: Since you have asked multiple questions, we will solve the first three questions for you. If you…

Q: The following equations represent the long-run production functions for four different technologies,…

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Q: A firm’s only variable factor is labour and it produces a single product, X. It also has fixed…

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A: Answer to the question is as follows :

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