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EXERCISE 2 2. [2.0 points in total] A production function is given by the equation Q = 80L0.4 K0.6 Where L is the number of labour units and the capital units. a. [0.75 points] Find the marginal product of labour (QL) at L=4 and K=10. Interpret the result. b. [0.75 points] Find the partial elasticity with respect to labour ( aQ 1 ) at L=4 and K=10. Interpret the result. AL Q C. [0.5 points] When Q=160, the marginal rate of technical substitution (MRTS) at L=2 is -0.67. Interpret that value (MRTS) EQL EXERCISE 2 2. [2.0 points in total] A production function is given by the equation Q = 80L0.4 K0.6 Where L is the number of labour units and the capital units. a. [0.75 points] Find the marginal product of labour (QL) at L=4 and K=10. Interpret the result. b. [0.75 points] Find the partial elasticity with respect to labour ( aQ 1 ) at L=4 and K=10. Interpret the result. AL Q C. [0.5 points] When Q=160, the marginal rate of technical substitution (MRTS) at L=2 is -0.67. Interpret that value (MRTS) EQL