Production functions exhibit increasing

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Reference no: EM13859987

State whether the following production functions exhibit increasing, constant, or decreasing returns to scale in K and L.

a. Y=(K^1-a+ L^1-a)^1/a

b. Y=K+L

c. Y=K/L

d. Y=K^1/4L^3/4

Reference no: EM13859987

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