Which of the following production functions exhibit constant returns to scale? In each case
ys output and K and L are inputs. (1) y = K1/2L2/3 (2) y = 3K1/2L1/2 (3) y = K1/2 + L1/2
(4) y = 2K + 3L.
ys output and K and L are inputs. (1) y = K1/2L2/3 (2) y = 3K1/2L1/2 (3) y = K1/2 + L1/2
(4) y = 2K + 3L.