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Question 4 (5 marks) Consider the production lnction Q = 2(KL) 0-5 a) What is the marginal product of labour and capital (1 marks) b)

Question 4 (5 marks) Consider the production lnction Q = 2(KL) 0-5 a) What is the marginal product of labour and capital (1 marks) b) What is the marginal rate of technical substitution of labor for capital (2 marks) c) What is the elasticity of substitution at a point K = 1, L = 1 if we increase K by one unit? {2 marks)

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