For the following rice production function: Q = 80 ( K 0.6 L 0.4) Beginning with...

Question

Question

For the following rice production function:

Q = 80 ( K ^0.6 L ^0.4)

Beginning with K=5 and L=37, find out if the marginal product of both K and L is decreasing. Show your work.

Does the production function exhibit increasing, decreasing, or constant returns to scale? Show your work.

Answer 1

Answer #1

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d( MPL

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Answer 2

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