Question: 1. (Appendix) In the production function Q = 10L/2K1/2, if the inputs are quadrupled, are there economies of scale? Explain. 2. (Appendix) In the production

1. (Appendix) In the production function Q = 10L/2K1/2, if the inputs are quadrupled, are there economies of scale? Explain. 2. (Appendix) In the production function Q = 10L/2K1/2, is diminishing returns a characteristic of this production function? Explain. 3. Suppose capital is fixed at 4 units in the production function Q = KL. Draw the total, marginal, and average product curves for the labor input. 4. Suppose that a firm with the production function Q = min(2K, 3L) is currently using 6 units of capital and 5 units of labor. What are the marginal products of K and L in this case? 5. What is the difference between diminishing returns and decreasing returns to scale

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