Question
a) What is the average product of labour, holding capital fixed at K? Simplify fully [6 marks] What is the marginal rate of technical substitution
a)What is the average product of labour, holding capital fixed at K? Simplify fully[6 marks]
What is the marginal rate of technical substitution (MRTS)? Simplify fully[13 marks] Does the above function exhibit increasing, decreasing or constant returns to scale? Illustrate why and explain what this means
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China's Air Pollution Problems
Authors: Claudio O Delang
1st Edition
1317209281, 9781317209287
