[Solution Library] Consider the production function Q= 100L 5 K 4 . Suppose L=1 and K- 1 so that Q = 100. If L is increased by 1 percent, tha t is, to L =

Question: Consider the production function Q= 100L ⁵ K ⁴ . Suppose L=1 and K- 1 so that Q = 100.

If L is increased by 1 percent, tha t is, to L = 1.01, with capital unchanged, what is the resulting percentage increase in output?
Describe the nature of returns to scale for this production function.

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[Solution Library] Consider the production function Q= 100L 5 K 4 . Suppose L=1 and K- 1 so that Q = 100. If L is increased by 1 percent, tha t is, to L =

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