question archive Given the following long run production and cost functions: q =L3K1/4 C = 12L + 4K (A) What input has diminishing marginal returns? (B) Does this production function display increasing, decreasing or constant returns to scale? (C) What is this firm's expansion path assuming input prices do not change?
Given the following long run production and cost functions: q =L3K1/4 C = 12L + 4K (A) What input has diminishing marginal returns? (B) Does this production function display increasing, decreasing or constant returns to scale? (C) What is this firm's expansion path assuming input prices do not change?
Subject:EconomicsPrice: Bought3
Given the following long run production and cost functions: q =L3K1/4 C = 12L + 4K (A) What input has diminishing marginal returns? (B) Does this production function display increasing, decreasing or constant returns to scale? (C) What is this firm's expansion path assuming input prices do not change?
