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Q6 Question 6: Production & Economic Growth (10 A (a) An economy has the following production function . If the capital stock (K) is 1024

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Question 6: Production & Economic Growth (10 A (a) An economy has the following production function . If the capital stock (K) is 1024 and Labour (L) is 676 in year t, then calculate output for this economy for year t. (b) What returns to scale does the production function in (a) have? Demonstrate your answer. I (c) Using the information in (a) calculate the marginal product of capital and interpret your

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