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Homework answers / question archive /  Explain whether each of the following production functions exhibits increasing, constant, or decreasing returns to scale

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

Math

 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 = 3L0.5K0.4 +1000L

           

             b) Q = 10K + 5L +1000

           

             c) Q = 10K0.2L0.3M0.6

           

 

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