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Hi, I'm after some assistance with some microeconomics questions, any help is much appreciated. 1. Consider the Cobb-Douglas production function y - AKLA, where y

Hi, I'm after some assistance with some microeconomics questions, any help is much appreciated.

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1. Consider the Cobb-Douglas production function y - AK"LA, where y is output, K is the quantity of capital, L is the quantity of labour, and A, a, and Pare positive constants. What values of a and/or P satisfy the following conditions? a. Decreasing marginal product of capital b. Increasing marginal product of labour c. Decreasing returns to scale d. Increasing returns to scale e. Constant returns to scale 2. Consider a firm whose production function is f(K, Z) = 1000 min (3K, [) . a. Sketch isoquants for q - 3000 and q = 6000. b. If capital is fixed in the short run at K - 5, sketch the total product curve as L rises. c. Refer to (b) and sketch the marginal product of labour curve

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