Please provide thorough answer. Thanks!
Homework Answers
Returns to scale measures the change in total output as the quantity of inputs is altered. The difference between constant returns and decreasing returns can be expressed as:
- While inputs are increased by a given proportion, if output is also increased by the same proportion, then there are constant returns to scale
- However, if output is increased but by a lesser proportion, then there are decreasing returns to scale
- For example, the production function is Q = L^aK^b.
- Here the returns to scale are measured using a + b.
- In case a + b = 1 there are constant returns, but when a + b < 1, there are dercreasing returns
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please list assumptions, show work, and
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Please provide thorough answer. Thanks!
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Please explain and show me the
process with answer. Thank you!
1. (The AK Model) Consider an economy with an aggregate production function given by Y = F(K) = AK Capital is the only relevant factor of production. A is fixed and represents the productivity of capital. T he law of motion for capital is just as in the neoclassical model where s and δ are the savings rate and depreciation rate, respectively. a) Show whether F(K) exhibits constant, decreasing...
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please list assumptions, show work, and
explain your reasoning carefully! please don't forget all this
thanks
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