Question: 1) consider the production function q = (1+L^-1K^-1)^-1 A) determine the marginal products of labour and capital B) determine the marginal rate of technical substitution
1) consider the production function q = (1+L^-1K^-1)^-1
A) determine the marginal products of labour and capital
B) determine the marginal rate of technical substitution
C)show that the given production function exhibits diminishing marginal products
D) taking an appropriate limit, find the upper bound on q for the given production function
E) determine the average product of labour and show that it is a increasing function of labour employed
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