Assume a Cobb-Douglas production function with constant returns to scale. Suppose the size of the capital stock doubled. Then we would expect that:Group of answer choicesoutput would increase, but it would less than doubleon a graph having the capital-labour ratio on the horizontal axis and output per worker on the vertical axis, the production function would shift upoutput would doubleoutput would increase, but it would more than double

Assuming a Cobb-Douglas production function with constant returns to scale, then, as L rises with K and A constant, it will be the case that:Group of answer choicesThe marginal product of labour will rise and the marginal product of capital will fallBoth the marginal product of labour and the marginal product of capital will fallBoth the marginal product of labour and the marginal product of capital will riseThe marginal product of labour will fall and the marginal product of capital will rise

The Cobb-Douglas production function has:Select one:a.has constant returns to scale but diminishing marginal returns to capitalb.has constant returns to scale and increasing marginal returns to capitalc.has increasing returns to scale but diminishing marginal returns to capitald.has decreasing returns to scale and diminishing marginal returns to capital

Imagine that doubling the quantity of all inputs in the production, more than doubles the quantity of output. The firm: Group of answer choicesshould shut down because it is not producing at an efficient scaleis experiencing increasing marginal productis on the elastic part of the supply functionis experiencing increasing returns to scaleNone of the other answers is correct

Consider the “Cobb-Douglas” production function given by 𝑌=𝐴𝐾13𝐿23 where A is a positive constant. Suppose that the capital stock grows at 2% per year and the labour force grows at 1% per year. According to the production function, what will output growth be approximately?Group of answer choices1% per year2% per year3% per year4% per year

If the slope of a total production function decreases as one input increases, the firm's underlying production function exhibits:a.increasing returns to scale.b.constant returns to scale.c.decreasing returns to a factor input.d.decreasing returns to scale.