Question: 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

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 the previous 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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