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The production of an economy is explained by a function: Y = 20 (L.5K.5) where L is labor and K is capital with L = 400 and K = 400. Does this economy support constant returns to scale?
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A collection of individuals who interact with each other, share similar characteristics, and collectively have a sense of unity.
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The number of individuals constituting a group, which can influence the group's dynamics, behavior, and outcomes.
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