There are three factors of production, capital, K, skilled labour L; and unskilled labour Ly. Which of the following production functions exhibits constant returns to scale in the production inputs K, L; and Ly? ab 4ab Y=Ka+6(ab+c)L,+2(3ab+c)+4c L 2(ab+3c) a+2(ab+3cl+4ab Ob All of these answers are correct. Y=K+b+bcL,+b+bcL+b+bc Od. blb-e) b>c 2(1-al 1-, Oe. 1-a רתיני ,4ינייא =Y 0

There are three factors of production, capital, K, skilled labour L; and unskilled labour Ly. Which of the following production functions exhibits constant returns to scale in the production inputs K, L; and Ly? ab 4ab Y=Ka+6(ab+c)L,+2(3ab+c)+4c L 2(ab+3c) a+2(ab+3cl+4ab Ob All of these answers are correct. Y=K+b+bcL,+b+bcL+b+bc Od. blb-e) b>c 2(1-al 1-, Oe. 1-a רתיני ,4ינייא =Y 0

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.8P

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