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'9 3. A rm has the production function: i 1 Q 2 L2 K2 Find the marginal product of labor (MPL), marginal product of capital
'9 3. A rm has the production function: i 1 Q 2 L2 K2 Find the marginal product of labor (MPL), marginal product of capital (MW), and marginal rate of technical substitution (M RTS). Note: Finding the MRTS is analogous to nding the MRS from a utility function: MRTS=- MPL/MPK. Be sure to simplify your answer as we did with MR5. 4. A rm has the production function: i E Q 2 L2 K4 Find the marginal product of labor (MPL), marginal product of capital (MPKl, and marginal rate of technical substitution (M RTS). S. A rm has the production function: Q=3L+6K Find the marginal product of labor (MPL), marginal product of capital (MPKl, and marginal rate of technical substitution (M RTS). 6. Determine the returns to scale (RTS) for each of the three production functions above (from questions 3, 4, and 5). You can determine this in one of the following ways: 0 Choose some starting values for L and Kof your choice. Determine the output that results. Then double those output levels and see how output changes. If output more than doubles, you have \"increasing RTS\". If it exactly doubles you have \"constant RTS\". If it less than doubles (increases but by a smaller amount than 2x), you have \"decreasing RTS\" OR 0 Substitute \"2L\" and \"2K" into the production function in place of "l.\" and "K\". Algebraically determine the proportion of output increase
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