Exercise 5 For each of the production functions below: (1) find the marginal product of labor (i.e., MP₁ = q (L.K)) and check whether it is diminishing, constant or increasing in labor OMPL); (2) find the marginal product of capital (i.e., ƏL ƏL (i.e., visually or computing and interpreting MPK = 9(K)) and check whether it is diminishing, constant or increasing in capital (i.e., visually ак or computing and interpreting labor for capital (i.e., MRTSL,K in labor (i.e., visually or computing and interpreting MRTSLK) ƏL OMPK); and (3) find the marginal rate of technical substitution of ак = MPL) and check whether it is diminishing, constant or increasing MPK

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Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.