For the following production functions, Find the marginal product of each input. Determine whether the

Question:

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 MRTSLK changes as the firm uses more L, holding output constant.
a. Q(K,L) = 3K + 2L
b. Q(K,L) = 10K0.5L0.5
c. Q(K,L) = K0.25L0.5