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The production function Q = 10K0.7 exhibits: Economies of scope. Increasing returns to scale. Constant returns to scale. Decreasing returns to scale....

The production function Q = 10K0.3L0.7 exhibits:
a. Economies of scope.
b. Increasing returns to scale.
c. Constant returns to scale.
d. Decreasing returns to scale.
e. Diseconomies of scale.
.


Question 18

The slope of an isoquant is called the:

a. marginal product of capital.
b. marginal product of labor.
c. marginal rate of technical substitution.
d. value of the marginal product of a variable input.
e. Answers a and b are correct.
.


Question 19

The difference between economic cost and accounting cost is:

a. fixed cost.
b. variable cost.
c. explicit cost.
d. implicit cost.
e. None of the above.

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Economics-8272132.doc

The production function Q = 10K0.3L0.7 exhibits:
a. Economies of scope.
b. Increasing returns to scale.
c. Constant returns to scale.
d. Decreasing returns to scale.
e. Diseconomies of scale.
....

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