The Production Function F(x, Y)= X^2/3+ Y^2/3 Has Increasing Returns

question 47

True/False

The production function f(x, y)= x^2/3+ y^2/3 has increasing returns to scale.

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Definitions:

Enforceable

Capable of being imposed or upheld by legal process, indicating that an agreement or law can be compelled to be obeyed or carried out.

Inadequate Consideration

When the value exchanged in a contract is disproportionately small, calling into question the validity of the agreement.

Contract

A legally binding agreement between two or more parties that is enforceable by law, outlining obligations and rights of the parties involved.

Illusory Contract

A supposed agreement that lacks the necessary elements of a binding contract, giving the illusion of a mutual contract without any enforceable commitment.