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A firm has a production function of the form Q = K (1/2)*L (1/2) where the (1/2s) are the exponents. What is the output if the firm uses 9 units of labor and 4 units of capital? If  the firm doubles its input levels, what happens to the level of output? Does this firm's  production function exhibit constant, increasing, or decreasing returns to scale?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91047472

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