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Consider the following production function for combination of capital and labor Q LKL04K05 Is this function homogeneous in K and L In the long-run does it exhibit increasing, constant

Consider the following production function for combination of capital and labor, Q=f(L,K)=L^0.4*K^0.5. Is this function homogeneous in K and L?In the long-run, does it exhibit increasing, constant, or decreasing returns to scale?

Apr 30 2020 View more View Less

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