ECONOM 4351
University of Missouri
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ECONOM 43514351.f2015.pracprob2. Intermediate Microeconomics Economics 4351/7351 Fall 2015 Answers for Practice Problem Set 2, Chapters 6-8
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Chapter 6 
8. Do the following functions exhibit increasing, constant, or decreasing returns to scale? What happens to 
the marginal product of each individual factor as the factor is increased, and the other factor is held constant? 
a. q = 3L + 2K 
This function exhibits constant returns to scale. When the inputs are doubled, output will double. Show this 
explicitly by substituting 2L for L and 2K for K. Then demonstrate the analogous result for any multiple 
 1and positive. Each margin...
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ECONOM 4351 Test Bank / ECONOM4351 Test Bank: Chapter-6 to Chapter-10 (Chapter 6-Production, Chapter 7-The Cost of Production, Chapter 8-Profit Maximization and Competitive Supply, Chapter 9-The Analysis of Competitive Markets, Chapter 10-Market Power: Mo
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ECONOM 4351 Test Bank / ECONOM4351 Test Bank: Chapter-6 to Chapter-10 (Chapter 6-Production, Chapter 7-The Cost of Production, Chapter 8-Profit Maximization and Competitive Supply, Chapter 9-The Analysis of Competitive Markets, Chapter 10-Market Power: Monopoly and Monopsony): University of Missouri
Test Bank for ECONOM 4351 / Test Bank for ECONOM 4351: Chapter-6 to Chapter-10 (Chapter 6-Production, Chapter 7-The Cost of Production, Chapter 8-Profit Maximization and Competitive Supply, Chapter 9...
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ECONOM 4351 Test Bank / ECONOM4351 Test Bank: University of Missouri | 100 % Verified Answers, Already Graded A
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ECONOM 4351 Test Bank / ECONOM4351 Test Bank: University of Missouri | 100 % Verified Answers, Already Graded A
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