SOLVED:Do the following production functions exhibit increasing, constant, or decreasing returns to scale in K and L ? (Assume A̅ is some fixed positive number.) (a) Y=K^1 / 2 L^1 / 2 (b) Y=K^2 / 3 L^2 / 3 (c) Y=K^1 / 3 L^1 / 2 (d) Y=K L (e) Y=K K^1 / 3 L^1 / 3 (f) Y=K^1 / 3 L^2 / 3 A̅ (g) Y=K^1 / 3 L^2 / 3-A̅

Do the following functions exhibit increasing, constant, or decreasing returns to scale? What happens to the marginal product of each individual factor as that factor is increased and the other factor held constant? a. q=3 L 2 K b. q=(2 L 2 K)^1 / 2 c. q=3 L K^2 𝐝 . q=L^1 / 2 K^1 / 2 𝐞 . q=4 L^1 / 2 4 K | Numerade

How to Find the Increasing or Decreasing Functions?

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