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Suppose that the production function faced by a baseball footwear producer i given by Q=4K^0.5L^0.5, where MPk=2K^-0.5L^0.5 and MPl=2K^0.5L^-0.5. Do both labor and capital display diminishing marginal products? Does the production function display a diminishing marginal rate of technical substitution? (MRTS(subscript)LK)?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91829344

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