1.10. In Example 6.3, wheat is produced according to the production function q = 100(K0.8L0.2) a. Beginning...

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1.10. In Example 6.3, wheat is produced according to the production function q = 100(K0.8L0.2)

a. Beginning 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.

b. Does this production function exhibit increasing, decreasing, or constant returns to scale?

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Microeconomics

ISBN: 9780132080231

7th Edition

Authors: Robert S. Pindyck, Daniel L. Rubinfeld

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Question Posted: Oct 26, 2024 04:01 AM

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1.10. In Example 6.3, wheat is produced according to the production function q = 100(K0.8L0.2) a. Beginning...

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Microeconomics

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