(Answered) For the following production function please do the

Management Studies

For the following production function, please do the following:

Y = aK + bL; a,b > 0

Part A. Find whether they have increasing, constant, or decreasing Returns To Scale;

Part B. Draw the isoquant map for two or more levels of output;

Part C. Derive the marginal rate of substitution of K for L;

Part D. Comment on the realism of the functional form for a trucking industry.

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Business Management, Management Studies

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