For Each of the Following Production Functions, Determine Whether They

question 142

Essay

For each of the following production functions, determine whether they exhibit constant, decreasing, or increasing returns to scale.
a. Q = 4KL
b. Q = K^1/3L^2/3
c. Q = K^1/3L^1/3
d. Q = min(K, 4L)
e. Q = 6K + 3L

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Definitions:

Trait Theory

A psychological approach focused on the quantification and analysis of personality traits or characteristics that are consistent over time and situation.

Positive Reinforcement

Involves the addition of a rewarding stimulus following a desired behavior, increasing the likelihood of that behavior being repeated.

Negative Punishment

A behavior modification technique where a desirable stimulus is removed after a particular behavior, with the aim of decreasing that behavior.

Negative Reinforcement

A behavior modification technique where the removal of an unfavorable outcome or stimulus strengthens or increases the likelihood of a specific response or behavior.