: ? = AK3/4/LL1/2
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Calculate the degree of homogeneity of the above function and comment on the returns to scale.
Is the following production function homogeneous? If so, find the degree of homogeneity and comment on the returns to scale. Q=3K*24 +Kº24 Select the correct choice below and, if necessary, fill in the answer box to complete your choice. and the function exhibits increasing returns to scale. O A. This function is homogeneous. The degree of homogeneity is (Type a whole number.) and the function constant returns to scale. OB. This function is homogeneous. The degree of homogeneity is (Type...
Is the following production function homogeneous? If so, find the degree of homogeneity and comment on the returns to scale! Q = 4K L This production function homogeneous What is the degree of homogeneity of the production function? This function displays returns to scale.
C++, Change the destroy_list function in the header file to a recursive destroy_list function, main is already set. Hint: It might be helpful to modify the function so that it uses a separate recursive function to perform whatever processing is needed. //////////////////////////////////////////////////////////////header.h////////////////////////////////////////////////////////////////////////////////////////////// #ifndef HEADER_H_ #define HEADER_H_ #include using namespace std; template <class T> class LL { private: struct LLnode { LLnode* fwdPtr; T theData; }; LLnode* head; public: LL(); void...
A production function is given by: Q
Returns to scale. A production function has constant returns to scale with respect to inputs with inputs K and L if for any z > 0: F(z · K, z ·L) = zF(K, L), For example, for a production function with constant returns to scale, doubling the amount of each input (i.e., setting z = 2) will lead to a doubling of the output from the production function. A production function has increasing returns to scale if for any z >1: F(z ·...
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2. [Homogeneity and Returns to Scale] Determined the level of homogeneity and returns to scale for each of the following pro- duction functions. Submission deadline: April 30, 2018 in class Page 1 of 2 3x2 Sy2 Q = min(5K,3L).
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
2. Consider the Solow growth model. Suppose that the production function is constant returns to scale and it is explicitly given by: Y = K L l-a a. What is the level of output per capita, y, where y = Y/L? b. Individuals in this economy save s fraction of their income. If there is population growth, denoted by n, and capital depreciates at the rate of d over time, write down an equation for the evolution of capital per...
If the production function for an economy had constant returns to scale, the labour force doubled, and all other inputs stayed the same, t would happen to real GDP? Select one: It would increase by 50 percent. It would stay the same. It would increase, but by something less than double. It would double.
1. For a constant returns to scale production function: a. marginal costs are constant but the average cost curve as a U-shape b. both average and marginal costs are constant c. marginal cost has a U-shape, average costs are constant d. both average and marginal cost curves are U-shaped 2. The production function q = 10K +50L exhibits: a. increasing returns to scale b. decreasing returns to scale c. constant returns to scale d. none of the above