Question: 1.Consider the production function Q= 10L-.5L 2 + 24K - K 2 for L and K in the range of 0 to 10 units.Does this

1.Consider the production function Q= 10L-.5L²+ 24K - K²for L and K in the range of 0 to 10 units.Does this production function exhibit diminish returns to each input? Does it exhibit decreasing returns to scale? Explain.

2.Suppose the inputs in Problem 4 can be purchases at the same price per unit. Will production be relatively labor intensive or capital intensive? Explain.

3.Distinguish diminishing returns and decreasing returns to scale.

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