Question: 2. For the following Cobb-Douglas production function, q = f(L, K) = 10.45 K0.7 a. Derive expressions for marginal product of labor and marginal product

2. For the following Cobb-Douglas production function, q = f(L, K)

2. For the following Cobb-Douglas production function, q = f(L, K) = 10.45 K0.7 a. Derive expressions for marginal product of labor and marginal product of capital, MP, and MPk. b. Derive the expression for marginal rate of technical substitution, MRTS. c. Does this production function display constant, increasing, or decreasing returns to scale? Why? d. By how much would output increase if the firm increased each input by 50%

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