Cobb- Douglas Production Function display Increasing, Decreasing, or Constant Returns to Scale
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Question
Assume the Production Function for Whitewater Hamburgers is Q = 4L.50K.33. where Q is the quantity of hamburgers, L is the number of workers employed and K is number of grills. Fractional output is acceptable.
Does Whitewater Hamburgers production function display increasing, decreasing, or constant returns to scale? Would your answer change if the production function were to be Q = L.66K.50? If yes, what would it be (increasing, decreasing, or constant returns to scale)?
Summary
This question belongs to micro economics and discusses about cobb- Douglas production function display increasing, decreasing, or constant returns to scale.
Total Word Count 55
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