Suppose Kate's bakery operates with the production function y = (1200z1z2) 1/3. Kate's production function exhibits
A) increasing returns to scale
B) decreasing returns to scale
C) scale production cannot be determined
D) constant returns to scale
Correct Answer:
Verified
Q47: Figure 7A Q48: If the MRTS is constant: Q49: If a firm's production function is f(z1,z2)= Q50: If isoquants are smooth and convex, then Q51: When returns to scale are increasing, long Q53: Suppose that Company X has a production Q54: Long run and short run total cost Q55: When returns to scale are constant, long Q56: An isoquant represents combinations of: Q57: When the minimum wage rises in a
A)the inputs are
A)goods with the
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