Solution) Consider the production function Q= 100L 5 K 4. Suppose L=1 and K- 1 so that Q = 100. a. If L is inc
Question: Consider the production function Q= 100L 5 K 4. Suppose L=1 and K- 1 so that Q = 100.
a. If L is increased by 1 percent, that is, to L = 1.01, with capital unchanged, what is the resulting percentage increase in output?
b. Describe the nature of returns to scale for this production function.
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Type of Deliverable: Word Document
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