Which of the Following Production Functions Exhibit Constant Returns to Scale

question 6

Multiple Choice

Which of the following production functions exhibit constant returns to scale? In each case y is output and K and L are inputs.(1) y = K^1/2 L^1/3.(2) y = 3K^1/2 L^1/2.(3) y = K^1/2 + L^1/2.(4) y = 2K + 3L.

• A)1, 2, and 4
• B)2, 3, and 4
• C)1, 3, and 4
• D)2 and 3
• E)2 and 4

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Definitions:

Mirror

An object that reflects light in such a way that, for incident light in some range of wavelengths, it reflects an image of what is in front of it.

Sad

A feeling characterized by sorrow, disappointment, or unhappiness.

React Strongly

To respond to a stimulus or situation with heightened emotional or physical intensity.

Disagree

To have or express a different opinion or to not consent to a viewpoint or idea.