Q) The production function Q = L1/2K exhibits: Group of answer choices a) Increasing returns to scale but no diminishing marginal products. b) Increasing returns to scale and diminishing marginal products of both L and K. c) Decreasing returns to scale. d) Increasing returns to scale and diminishing marginal product of L only.

Q) The production function Q = L1/2K exhibits: Group of answer choices a) Increasing returns to scale but no diminishing marginal products. b) Increasing returns to scale and diminishing marginal products of both L and K. c) Decreasing returns to scale. d) Increasing returns to scale and diminishing marginal product of L only.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 3SQP

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Question

The production function

Q = L^1/2K exhibits:

Group of answer choices

a) Increasing returns to scale but no diminishing marginal products.

b) Increasing returns to scale and diminishing marginal products of both L and K.

c) Decreasing returns to scale.

d) Increasing returns to scale and diminishing marginal product of L only.

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