More Grading Fun
It distresses me how many of my Econ 202 students reason through an equation as follows:
2(2K)(2L) = 4(KL) = 2(2KL), so the production function Q = 2KL has constant returns to scale*.
I also see:
(4K)(2L) = 2(2K)(L) = 2(2KL), so etc.
Many of these students will be given passing grades. I wish I could do something about this.
Multiplication: It Still Commutes, You Innumerate Twits.
* meaning that Q (output) doubles when K and L (capital and labor inputs) both double.
2(2K)(2L) = 4(KL) = 2(2KL), so the production function Q = 2KL has constant returns to scale*.
I also see:
(4K)(2L) = 2(2K)(L) = 2(2KL), so etc.
Many of these students will be given passing grades. I wish I could do something about this.
Multiplication: It Still Commutes, You Innumerate Twits.
* meaning that Q (output) doubles when K and L (capital and labor inputs) both double.