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3. (34 points) Suppose a monopolist has a production function given by Q = L 1/2 K 1/2 .Therefore, K 1/2 1/2 MPL = 2L'

3. (34 points) Suppose a monopolist has a production function given by Q = L^1/2K^1/2.Therefore,

K 1/2 1/2 MPL = 2L' 1/2 , and MPK = 2K 1/2

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