Question: 2) Consider a production function f(L,K) = 3L^0.2 K^0.5 a. Do the production functions exhibit increasing, constant, or decreasing returns to scale? Explain your answers.

2) Consider a production function f(L,K) = 3L^0.2 K^0.5

a. Do the production functions exhibit increasing, constant, or decreasing returns to scale? Explain your answers.

b. Calculate the Marginal Rate of Technical Substitution for the production function.

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