b) The MTA uses equipment (K), labor (L) and supplies (S) to produce public transportation services according to the production function Q =K®5L©25G@5_ b.1) What kind of returns to scale does this production function exhibit? b.2) What is the marginal product of labor? Does the production function exhibit diminishing marginal returns? b.3) What is the marginal rate of technical substitution of equipment for labor services? Does it depend on the MTA's usage of supplies? b.4) Assume that K = 16. In a diagram measuring labor along the horizontal axis and supplies along the vertical axis draw one of the MTA's isoquants.

b) The MTA uses equipment (K), labor (L) and supplies (S) to produce public transportation services according to the production function Q =K®5L©25G@5_ b.1) What kind of returns to scale does this production function exhibit? b.2) What is the marginal product of labor? Does the production function exhibit diminishing marginal returns? b.3) What is the marginal rate of technical substitution of equipment for labor services? Does it depend on the MTA's usage of supplies? b.4) Assume that K = 16. In a diagram measuring labor along the horizontal axis and supplies along the vertical axis draw one of the MTA's isoquants.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Can you please answer (Question.4) below?
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Question 4 Solve: 옳 x=? = 16
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For Step 2 (11&12) In the last answer within those two sentences. In the left side there's a word MC is that correct Ml?