Which among these production functions exhibit increasing returns to scale? (Clue: you should scale each input by a factor strictly greater than 1) Šelect one: a. F(K,L) = 12K + 8L b. F (K,L) = K^2+L^2 c. F (K,L) = K+4L^2 d. F (K,L) = K/L (ii) Suppose that the number of people employed is equal to 160.0 million. The number of people unemployed and looking for a job is 58 million. The number of people not in the labor force is 60 million. How much is the adult population participation rate? Select one: a. 78.4%. b. 26.6%. c. 73.75%. d. 37.5%. (iii) Which one is not considered as money Select one: a. Gold coins b. A subway token in a subway system c. Cigarettes in prisoner of war camps d. A cheque %3D
Which among these production functions exhibit increasing returns to scale? (Clue: you should scale each input by a factor strictly greater than 1) Šelect one: a. F(K,L) = 12K + 8L b. F (K,L) = K^2+L^2 c. F (K,L) = K+4L^2 d. F (K,L) = K/L (ii) Suppose that the number of people employed is equal to 160.0 million. The number of people unemployed and looking for a job is 58 million. The number of people not in the labor force is 60 million. How much is the adult population participation rate? Select one: a. 78.4%. b. 26.6%. c. 73.75%. d. 37.5%. (iii) Which one is not considered as money Select one: a. Gold coins b. A subway token in a subway system c. Cigarettes in prisoner of war camps d. A cheque %3D
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
Section: Chapter Questions
Problem 10E
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Transcribed Image Text:Which among these production functions
exhibit increasing returns to scale? (Clue: you
should scale each input by a factor strictly
greater than 1)
Select one:
a. F(K,L) = 12K + 8L
b. F (K,L) = K^2+L^2
c. F (K,L) = K+4L^2
d. F (K,L) = K/L
(ii)
Suppose that the number of people
employed is equal to 160.0 million. The
number of people unemployed and looking
for a job is 58 million. The number of people
not in the labor force is 60 million. How much
is the adult population participation rate?
Select one:
a. 78.4%.
b. 26.6%.
c. 73.75%.
d. 37.5%.
(iii)
Which one is not considered as money
Select one:
a. Gold coins
b. A subway token in a subway system
c. Cigarettes in prisoner of war camps
d. A cheque
%3D
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