Consider the production function: Q = L14 K 3/4 Does this production show increasing, decreasing, or constant returns to scale? Show your work. I. П. Derive an expression for the marginal product of labor III. Show mathematically whether the marginal product of labor is increasing, decreasing, or constant, as the labor input is increased.

Consider the production function: Q = L14 K 3/4 Does this production show increasing, decreasing, or constant returns to scale? Show your work. I. П. Derive an expression for the marginal product of labor III. Show mathematically whether the marginal product of labor is increasing, decreasing, or constant, as the labor input is increased.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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When Marginal Product of Labor intersects the Average product of labor, minimum average product of labor obtains at the intersection. True False
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