1. Do the following production functions exhibit increasing, constant of decreasing returns to scale in K and L? Explain/interpret your answer. (a) Y = KL (b) Y = KL (c) Y = K³L

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A: Equilibrium in the market occurs at the intersection of demand and supply curves.

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A: Here's the list given below.

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Q: Unit of Labor 0 1 2 Total Product Product Price 0 $2.20 15 2.0 20 1.00 39 1.60 48 1.40 S 55 1.20 6…

A:

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.