Based on the notations and assumptions used in class, which of the following is/are TRUE regarding the production function y = ka, where 0 < a < 1? (i) It is expressed in per capita form. (ii) The function exhibits constant returns to scale. (iii) Production per worker depends on the amount of capital per worker.
Based on the notations and assumptions used in class, which of the following is/are TRUE regarding the production function y = ka, where 0 < a < 1? (i) It is expressed in per capita form. (ii) The function exhibits constant returns to scale. (iii) Production per worker depends on the amount of capital per worker.
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.8P
Related questions
Question
![Based on the notations and assumptions used in class, which of the following is/are TRUE regarding the production function y = ka, where
0 < a <1?
(i) It is expressed in per capita form.
(ii) The function exhibits constant returns to scale.
(iii) Production per worker depends on the amount of capital per worker.
O a.
(i), (ii), and (iii)
O b.
Only (i)
O c.
Only (iii)
O d. Only (ii)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F13fd94eb-5bbf-488a-add0-2333b87d868a%2F4ed45031-de77-4e2a-9a27-f8aaf1ea025d%2Fuphbea_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Based on the notations and assumptions used in class, which of the following is/are TRUE regarding the production function y = ka, where
0 < a <1?
(i) It is expressed in per capita form.
(ii) The function exhibits constant returns to scale.
(iii) Production per worker depends on the amount of capital per worker.
O a.
(i), (ii), and (iii)
O b.
Only (i)
O c.
Only (iii)
O d. Only (ii)
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Managerial Economics: Applications, Strategies an…](https://www.bartleby.com/isbn_cover_images/9781305506381/9781305506381_smallCoverImage.gif)
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
![Managerial Economics: Applications, Strategies an…](https://www.bartleby.com/isbn_cover_images/9781305506381/9781305506381_smallCoverImage.gif)
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning