Constant, increasing, and decreasing returns to scale economics?
Jason has a boat-building firm. It uses labor L, capital K and materials M, to build its boats. Its production function is Q = f(L,K,M) = AL(A)K(B)M(Y) . For what values of A, B and Y does Jason’s technology have constant returns to scale? Increasing returns to scale? And decreasing returns to scale?
Assuming that the production function is Cobb-Douglas where x(b) = x^b, then Jason’s technology would have constant returns to scale when A+B+Y = 1, increasing returns to scale when A+B+Y > 1, and decreasing returns to scale when A+B+Y < 1.
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