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Posted: **Sun May 08, 2022 9:23 am**

: 7 For Each Of The Following Four Production Functions Indicate Whether It Exhibits Constant Increasing Or Decreasing 1 (20 KiB) Viewed 25 times

7. For each of the following four production functions, indicate whether it exhibits constant, increasing or decreasing returns to scale, giving the reason for your answer. (i) Q=K+L Q=K.L (iii) Q=L12 (where L is only input needed to produce) (iv) Q-K12.12