Multiple Choice
Which of the following production functions exhibit constant returns to scale? In each case y is output and K and L are inputs.(1) y = K1/2 L1/3.(2) y = 3K1/2 L1/2.(3) y = K1/2 + L1/2.(4) y = 2K + 3L.
A) 1, 2, and 4
B) 2, 3, and 4
C) 1, 3, and 4
D) 2 and 3
E) 2 and 4
Correct Answer:

Verified
Correct Answer:
Verified
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