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Consider the production function Q=L1/2+K2.

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Question;Consider the production function Q=L1/2+K2.a)What is the expression for MRTSL,K given this production function?b)Does this production function exhibit diminishing marginal product of capital? Explain how you know.c) Does this production function exhibit diminishing marginal product of labour? Explain how you knowd) Does this production function exhibit diminishing marginal rate of substitution (L for K)? Explain how you know.Additional Requirements Level of Detail: Show all work Other Requirements: doesn't need to be super through, just show your work.

 

Paper#56716 | Written in 18-Jul-2015

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