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1a.Graph the short-run total product curve for the following production functions if Kapital is fixed at K = 4. i.Q = 2K + 3L ii.Q
1a.Graph the short-run total product curve for the following production functions if Kapital is fixed at K = 4.
i.Q = 2K + 3L
ii.Q = K2 L2
1b. Do the production functions in part 1a obey the law of diminishing returns? Explain why or why not.
1c. Do the production functions in part 1a exhibit constant, increasing or decreasing returns to scale? Show and explain.
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