Question: 2. Applications of basic algebraic skills (15 marks) (2A) Consider the following production function (L denotes labour, K denotes capital). Q(K, L) = 2(KL) 2

2. Applications of basic algebraic skills (15 marks) (2A) Consider the

2. Applications of basic algebraic skills (15 marks) (2A) Consider the following production function (L denotes labour, K denotes capital). Q(K, L) = 2(KL) 2 (i) Let K be a constant (any number). Derive the marginal product of labour. 3 marks (ii) Let K be a constant (any number). Using differentiation, show that this production function exhibits the law of diminishing marginal returns to labour. 3 marks

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