A firms production function is Q = 5L^2/3 x K^1/3. You need to find the marginal product

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A firm’s production function is Q = 5L^2/3 x K^1/3. You need to find the marginal product of labor and capital.

a) Does this production function exhibit constant, increasing, or decreasing returns to scale?

b) What is the marginal rate of technical substitution of L for K for this production function?

Related Book For answer-question

Mathematics for Economics and Business

ISBN: 978-1292191669

9th edition

Authors: Ian Jacques

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Posted Date: Oct 18, 2020 02:15 PM

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A firms production function is Q = 5L^2/3 x K^1/3. You need to find the marginal product

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Mathematics for Economics and Business

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