which of the following production functions is an increasing, decreasing or consistent return to scale please show your work a. y=L^0.3K^0.5 b. y= LK^0.5 c. y= L + K
which of the following production functions is an increasing, decreasing or consistent return to scale please show your work a. y=L^0.3K^0.5 b. y= LK^0.5 c. y= L + K
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 1.5CE
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which of the following production functions is an increasing, decreasing or consistent return to scale please show your work
a. y=L^0.3K^0.5
b. y= LK^0.5
c. y= L + K
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