If the Exponents in the Production Function Were 0

question 7

Multiple Choice

if the exponents in the production function were 0.30 for x₁ and 0.30 for x₂, this production function would exhibit (constant, increasing, decreasing) returns to scale and (would, would not) have diminishing technical rate of substitution.

• A)constant, would
• B)constant, would not
• C)decreasing, would not
• D)increasing, would
• E)decreasing, would

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Definitions:

Volcanic Eruption

A volcanic eruption is a process where magma (molten rock) and gas escape from a magma chamber through the crust to the surface, often accompanied by volcanic ash and lava flows.

Ice Sheet

A mass of ice of considerable thickness and more than 50,000 square kilometers in area, forming a nearly continuous cover of ice and snow over a land surface.

Felsic

A term used in geology to describe igneous rocks that are rich in light-colored minerals such as quartz, feldspar, and muscovite.

Pyroclastic Flows

High-density mixtures of hot volcanic ash, pumice, rock fragments, and volcanic gas that move away from the volcano at high speeds during an explosive eruption.