ECONOM 4351
University of Missouri
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ECONOM 43514351.f2015.pracprob2. Intermediate Microeconomics Economics 4351/7351 Fall 2015 Answers for Practice Problem Set 2, Chapters 6-8
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Chapter 6
8. Do the following functions exhibit increasing, constant, or decreasing returns to scale? What happens to
the marginal product of each individual factor as the factor is increased, and the other factor is held constant?
a. q = 3L + 2K
This function exhibits constant returns to scale. When the inputs are doubled, output will double. Show this
explicitly by substituting 2L for L and 2K for K. Then demonstrate the analogous result for any multiple
1and positive. Each margin...
Exam (elaborations)
ECONOM 43514351.f2015.pracprob2. Intermediate Microeconomics Economics 4351/7351 Fall 2015 Answers for Practice Problem Set 2, Chapters 6-8
Last document update:
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Chapter 6 8. Do the following functions exhibit increasing, constant, or decreasing returns to scale? What happens to the marginal product of each individual factor as the factor is increased, and the other factor is held constant? a. q = 3L + 2K This function exhibits constant returns to scale. When the inputs are doubled, output will double. Show this explicitly by substituting 2L for L and 2K for K. Then demonstrate the analogous result for any multiple 1and positive. Each margin...
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