Solved: What is the difference between decreasing returns to scale, Macroeconomics

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What is the difference between decreasing returns to scale

1. Show whether the following production functions exhibit decreasing returns to scale (DRS), constant returns to scale (CRS), or increasing returns to scale (IRS)?

a. q = 10L^0.6K^0.5

b. q = L + K

c. q = L^0.6 + K^0.5

2. Evaluate the following statements as true or false and provide your reasoning.

a. When MP_L is less than AP_L, AP_Lwill fall.

b. When MP_L equals zero, AP_L will also equal zero.

3. What is the difference between decreasing returns to scale and diminishing marginal product?

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