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Suppose a production function F(L,K) = Q = L1/3K1/3 where L represents the variable input labour, K = 8 is the xed input capital, and

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Suppose a production function F(L,K) = Q = L1/3K1/3 where L represents the variable input labour, K = 8 is the xed input capital, and Q stands for total output. 9) Determine the average product of labour. 10) Determine the marginal product of labour. Suppose each unit of labour L is paid a wage w = 4 and each unit of capital K costs r = 4. 11) Determine the total cost. 12) Determine the average total cost. 13) Determine the average variable cost. 14) Determine the average xed cost. 15) Determine the marginal cost. 16) The production function and the total cost function display respectively 3) Increasing returns to scale and only economies of scale; b) Decreasing returns to scale and only economies of scale; c) Increasing returns to scale and only diseconomies of scale; d) Decreasing returns to scale and only diseconomies of scale; e) Increasing returns to scale and both economies and diseconomies of scale; i) Decreasing returns to scale and both economies and diseconomies of scale

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