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EXERCISE 2 2. [2.0 points in total] A production function is given by the equation Q = 100L0.4 K0.6 Where L is the number of labour units and K the capital units. a. 10.75 points] Find the marginal product of labour (QL) at L=8 and K=11. Interpret the result. b. [0.75 points] Find the partial elasticity with respect to labour ( ? ) at L=4 and K=10. Interpret the result. c. [0.5 points] When Q=200, the marginal rate of technical substitution (MRTS) at L=4 is -0.21. Interpret that value (MRTS)