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Suppose an economy has the production function Y = A K1/4 H3/4, where Y denotes total output, A ...

Suppose an economy has the production function Y = A × K1/4 × H3/4, where Y denotes total output, A denotes the level of technology, K denotes the physical capital stock, and H denotes the efficiency units of production. Which of the following is TRUE of this economy?

▸ Production in this economy exhibits increasing returns to scale.

▸ Production in this economy exhibits decreasing returns to scale.

▸ Production in this economy exhibits constant returns to scale.

▸ Production in this economy decreases when the price level increases.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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schoolkidchuck

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More solutions for this book are available here

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RHCP12 Author

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Thank you, thank you, thank you!

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I appreciate what you did here, answered it right Smiling Face with Open Mouth

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