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1. Below are production functions that turn capital (K) and labor (L) into output. For each...


1. Below are production functions that turn capital (K) and labor (L) into output. For each of the production functions below
1. Below are production functions that turn capital (K) and labor (L) into output. For each of the production functions below, state and PROVE whether it is Constant/Increasing/or Decreasing Returns to scale. That is, you want to see how production changes when you increase all inputs (K.L) by a factor of a, where a > 1: (3 points each) (a) F(KL)=KL (b) F(K,L) = min (4K, 22] + 20 (c) F(K,L) = 5K+10L
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(a) ff K, L) = {23 2245 Double the inputs k and I we get a - (2K) 3 12 % 2% Tkºs,47 > 2 FCK,L) Because increasing the inputsincreases the amount. This function exhibits output by the same implies that the production constant returns to scale. (C) F

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