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For each of the following production functions, determine the returns to scale. Check to see whether diminishing returns for labor and capital exist for each function (Q = quantity, L = labor, K = capital) a. Q = 3L + 2K b. Q = (2L + 2K)1/2 c. Q = 3LK2 d. Q = L1/2K1/2 = (LK)1/2 e. Q = 4L1/2 + 4K

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91697183

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