2) Determine whether the following production functions exhibit constant, increasing, or decreasing returns to scale (or none of these)
a) Y=K+L^1/3
b) Y= aln(L) + bIn(k)
2) Determine whether the following production functions exhibit constant, increasing, or decreasing returns to scale (or...
1. State whether the following production functions exhibit increasing, constant, or decreasing returns to scale in K and L. (a) Y = K1/3L1/2 (b) Y = K2/3L (c) Y = K1/2 [1/2
Determine whether the following production functions exhibit constant, increasing, or decreasing returns to scale. L, K, and H are inputs and Q is the output in each production function. Initially, set each input = 100 and determine the output. Then increase each input by 2% and determine the corresponding output to see if constant, increasing, or decreasing returns to scale occur. (a) Q = 0.5L + 2K + 40H (b) Q = 3L + 10K +...
Given the following production functions, determine if they exhibit increasing, decreasing, or constant returns to scale. Be sure to mathematically prove your answer and show your work. Y = K + L Y = 4(K + L)0.5 Y= 10(KL0.5)
Briefly show whether the following production functions exhibit increasing, decreasing, or constant returns to scale: Y = K2/3 + L2/3 Y = min {2L+K, 2K+L} Y = 20*L1/5*K4/5
Returns to scale in production: Do the following production function exhibit increasing, constant, or decreasing returns to scale in K and L? (Assume A is some fixed positive number.) (a) Y= K1/3L1/2 (b) Y=AK2/12/3 (c) Y= K1/2L1/2 (d) Y=K+ L (e) Y = K1/2L1/2 + L 2/3TI/3 2/3TI/3
For each of the following production functions, determine whether returns to scale are decreasing , constant, or increasing when capital and labor inputs are increased from K = L = 1 to K = L = 2 Q = 25K0.5 L0.5 Q = 2K + 3L + 4KL Q = 100 + 3K + 2L
Do the following production functions exhibit increasing, constant, or decreasing returns to scale? (show your work to illustrate the answer), where Q is quantity of output, K is the amount of capital used, and L is the amount of labor used. a) Q=K^1/3 L^2/3 b) Q=7K^1/5 L^3/5 c) Q=4K+8L d) Q=3k^5 L^4
Determine whether each of the production functions below displays constant, increasing, or decreasing returns to scale: Q = K + L + KL Q = 2K2 + 3L2 Q = KL Q = min(3K, 2L)
Determine whether each of the production functions below displays constant, increasing, or decreasing returns to scale: Q = 10K0.75L0.25 Q = (K0.75L0.25)2 Q = K 0.75L0.75 Q = K 0.25L0.25 Q = K + L + KL Q = 2K2 + 3L2 Q = KL Q = min(3K, 2L)
5. Determine whether each of the following production functions displays constant, increasing, or decreasing returns to scale. Show workings. a) Q= 10K 0.75, 0.25 b) Q = 2K+ + 3L c) Q = (Kº75 0.25 2 d) Q=K+L+KL