For Each Of The Following Production Functions, Determine Whether It Exhibits Increasing, Constant Or Decreasing Returns To Scale: A) Q = K + L B) Q = L + L/K C) Q = Min(2K,2L) D) Q = (L.5 )(K.5)
3. (16 points) For each of the following production functions, determine whether it exhibits increasing, constant or decreasing returns to scale:
a) Q = K + L
b) Q = L + L/K
c) Q = Min(2K,2L)
d) Q = (L.5 )(K.5)