For the following production functions calculate marginal, Ask an Expert

Economics

For the following production functions: calculate marginal product of labor (L), marginal product of capital (K), and the technical rate of substitution. Identify if the production function exhibits constant, increasing, or decreasing returns to scale:

1) y=2K+3L

2) y=K^1/2 L^1/3

3) y=3K^1/2 L^1/2

4) y=K^1/2 L^3/2

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91424309

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