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Answer the question below: A. The following is a production function where q is the number of candies in pounds produced, L is the number
Answer the question below:
A. The following is a production function where q is the number of candies in pounds produced, L is the number of laborers hired, and K is the number of ovens. 9 = f(K, L) = 100K^3/4L^1/4 Find the marginal product of labor and the marginal product of capital. What is the MRTS if K = 60 and L = 10 B. Does the following production function have increasing, decreasing, or constant returns to scale? Show how you know. 9 = f(K, L) = 150K~4/5L~4/5Step by Step Solution
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