Business, 05.11.2019 02:31 paigejohnson955

For the following production functions, • find the marginal product of each input. • determine whether the production function exhibits diminishing marginal returns to each input. • find the marginal rate of technical substitution and discuss how mrts lk changes as the firm uses more l, holding output constant. a. q(k, l) = 3k + 2l b. q(k, l) = lok0 · 5 l0 · 5

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For the following production functions, • find the marginal product of each input. • determine wheth...

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