Consider the following production functions • F(L,K) = LK^3 For each for these production functions: (a) Draw the corresponding graph (b) Calculate the marginal product of labor and capital (c) Discuss if each marginal product is diminishing, constant or increasing
Consider the following production functions
• F(L,K) = LK^3
For each for these production functions:
(a) Draw the corresponding graph
(b) Calculate the marginal product of labor and capital
(c) Discuss if each marginal product is diminishing, constant or increasing
(d) Calculate the
(e) Calculate if the function exhibits constant, increasing, or diminishing returns to scale
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Consider the following production functions
• F(L,K) = LK^3
For each for these production functions:
(a) Draw the corresponding graph
(b) Calculate the marginal product of labor and capital
(c) Discuss if each marginal product is diminishing, constant or increasing
(d) Calculate the
(e) Calculate if the function exhibits constant, increasing, or diminishing returns to scale
*Just solve d and e
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