A12. Which of the following production functions does not feature constant returns to scale?-0.3a) Y₁ = K0.³ L0.7tb) Yt = 0.6Kt +0.4Ltc) Y = (Kt – 1)04L06-d) Yt = 6Kt + 4Lt

A production function exhibits constant returns to scale if doubling the inputs results in exactly…

Answered: A12. Which of the following production…

A12. Which of the following production functions does not feature constant returns to scale? a) Y₁ = KO.³L0.7 b) Yt = 0.6Kt +0.4Lt c) Yt = (Kt - 1)0.4L0.6 d) Yt = 6Kt + 4Lt

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter8: Production And Costs

Section8.4: Costs Of Production: Total, Average, Marginal

Problem 1ST

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Question

A12. Which of the following production functions does not feature constant returns to scale?
-0.3
a) Y₁ = K0.³ L0.7
t
b) Yt = 0.6Kt +0.4Lt
c) Y = (Kt – 1)04L06
-
d) Yt = 6Kt + 4Lt

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