Consider the Aggregate Production Function Y = F(K,L)

question 44

Multiple Choice

Consider the aggregate production function Y = F(K,L) .If the inputs K and L are increased by 5% each,and the production function displays constant returns to scale,then total output will increase by ________%.

• A)0
• B)less than 5
• C)5
• D)more than 5
• E)Not enough information to determine

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Operational Planning

The process of developing detailed, short-term plans that guide an organization's resources towards achieving strategic objectives.

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Grade Point Average

An educational scoring system that calculates the average of all grades obtained by a student, indicating their academic performance.