1. Consider a rm that has the following CES production function: Q = f(L,K) = [aLp + bKP] Up where p S 1. a. Derive the MRTS for this production function. Does this production function exhibit a diminishing MRTS? Justify using derivatives and in words. What does this imply about the shape of the corresponding isoquants? (10 points) b. What are the returns to scale for this production function? Show and explain. Explain what will happen to cost if the rm doubles its output. (8 points) c. Explain the difference between the concepts of diminishing marginal product and diminishing marginal rate of technical substitution. (5 points) (1. Explain the difference between the concepts of diminishing marginal product and diminishing returns to scale. (5 points)