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Economics

Are the following productions functions exhibit increasing/constant/decreasing return to scale? Given that the wage rate for per unit of labor is $10 and rental rate for unit of capital is $10, according to these functions, are the firms operate in economies or diseconomies of scale?

Q=F(K,L)=3K+2L

Q=F(K,L)=K^(1/4) L^(1/4)

Q=F(K,L)=K^(3/4) L^(1/2)

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91229187

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