SELECT * FROM question_mgmt as q WHERE id=10255 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=610 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics Production and Costs when does a production function satisfy constant r

Question:

When does a production function satisfy constant returns to scale?

Answer:

Constant returns to scale will hold when a proportional increasem in all the factors of production leads to an equal proportional increase in the output. For example, if both labour and capital are increased by 10% and if the output also increases by 10%, then we say that the production function exhibits constant returns to scale. Algebraically, constant returns to scale exists when,


F (nL, nK) = n (L, K) This implies that if both labour and capital are increased by ‘n’ times, then the production also increases by ‘n’ times.


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