SOLVED:Do the following production functions exhibit increasing, constant, or decreasing returns to scale in K and L ? (Assume A̅ is some fixed positive number.) (a) Y=K^1 / 2 L^1 / 2 (b) Y=K^2 / 3 L^2 / 3 (c) Y=K^1 / 3 L^1 / 2 (d) Y=K L (e) Y=K K^1 / 3 L^1 / 3 (f) Y=K^1 / 3 L^2 / 3 A̅ (g) Y=K^1 / 3 L^2 / 3-A̅
SOLVED:Do the following production functions exhibit incre…
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