Maize is produced according t8 lme q = 100(K° L°) %3D Starting with a capital input of 4 and a labor input of 49, show that the marginal product of labor and the marginal product of capital are both decreasing. (i) (ii) Compute the marginal rate of technical substitution of labour for capital. (iii) Does this production function exhibit increasing, decreasing or constant reburns to scale?

Maize is produced according t8 lme q = 100(K° L°) %3D Starting with a capital input of 4 and a labor input of 49, show that the marginal product of labor and the marginal product of capital are both decreasing. (i) (ii) Compute the marginal rate of technical substitution of labour for capital. (iii) Does this production function exhibit increasing, decreasing or constant reburns to scale?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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