1. For the following production functions,

• Find the marginal product of each input.

• Determine whether the production function exhibits diminishing marginal returns to each input.

• Find the marginal rate of technical substitution and discuss how MRTS LK changes as the firm uses more L, holding output constant.

a. Q(K,L) = 3K + 2L

b. Q(K,L) = 10K 0.5 L 0.5

c. Q(K,L) = K 0.25 L 0.5