Question: 2. A production process is characterized by the production function below: Production function: Q = L0.5K0.5 (a) Calculate the marginal product of capital (MPK),

2. A production process is characterized by the production function below: Production function: Q = L0.5K0.5 (a) Calculate the marginal product of capital (MPK), (b) Calculate the marginal product of labour (MPL), L (c) Calculate the marginal rate of technical substitution of labour for capital (MRTS), MPL Reduce MPK your answer to its simplest form.

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