The production function Q=KOLP where 0 ≤ a, ß≤ 1 is called a Cobb - Douglas production function. This function is widely used in economic research. Identify which of the following exhibits return to scale (for example, CRS): 1. a +3=1, a doubling of K and L will double q. 2. a+B<1, a doubling of K and L will less than double q. 3. a+B> 1, a doubling of K and L will more than double q.

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A: a) At equilibrium, Demand = Supply -8p+1000=4p-2001200=12pp=100Q=4(100)-200Q=200

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