Mathematics for Economists quizzes
How mathematics explains economic choices, limited resources, and the value of loosening a constraint.
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From Mathematics for Economists: The Hidden Price in Every Constraint
With the production function Q = K^0.5 L^0.5, what happens to output if both capital and labor double?
- Output rises by half
- Output doubles
- Output quadruples
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Answer: Output doubles
The exponents sum to 1, so the function has constant returns to scale: scaling all inputs by 2 scales output by 2.
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