State Whether the Following Production Functions Exhibit Increasing, Constant, or Decreasing

question 50

Essay

State whether the following production functions exhibit increasing, constant, or decreasing returns to scale in K and L.
(a) $Y = K ^ { 1 / 3 } L ^ { 1 / 2 }$
(b) $Y = K ^ { 2 / 3 } L$
(c) $Y = K ^ { 1 / 2 } L ^ { 1 / 2 }$

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Definitions:

Negative Attitude Change

The process by which an individual's positive feelings about an object, person, or idea shift to become more negative.

Public Compliance

Involves outwardly conforming to the norms or behaviors of a group while privately maintaining personal dissent or disagreement.

Central Route

A method of persuasion that involves deeply processing the content of a message, often leading to lasting attitude change.

Peripheral Route

A pathway of persuasion that involves passive processing of information, often based on context or superficial cues rather than the content of the message itself.