Explain whether each of the following production functions exhibits increasing, constant, or decreasing returns to scale

Math Feb 27, 2021

Explain whether each of the following production functions exhibits increasing, constant, or decreasing returns to scale. Here, L, K, and M respectively denote labor, capital, and material

(Proof is required).

a) Q = 3L^0.5K^0.4 +1000L

b) Q = 10K + 5L +1000

c) Q = 10K^0.2L^0.3M^0.6

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