About the production function

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The production function Q = 0.25X0.5 Y0.5 exhibits: a. constant returns to scale. b. increasing returns to scale. c. increasing and then diminishing returns to scale. d. diminishing returns to scale. 11. When PX = $60, MPX = 2 and MPY = 2, relative employment levels are optimal provided: a. PY = 16.7¢. b. PY = $24. c. PY = $60. d. PY = $150.

Reference no: EM131112583

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