Question: Consider the production function Q = 2(KL) 0.5 a) What is the marginal product of labour and capital (1 marks) b) What is the marginal

Consider the production function Q = 2(KL) 0.5 a) What is the marginal product of labour and capital (1 marks) b) What is the marginal rate of technical substitution of labor for capital (2 marks) c) What is the elasticity of substitution at a point K = 1, L = 1 if we increase K by one unit? (2 marks

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