Question: Economics 2. A firm has a production function given by the following table: Units of Labor 2 3 4 5 K=1 3 8 12 15

Economics 2. A firm has a production function given by the following table: Units of Labor 2 3 4 5 K=1 3 8 12 15 17 K=2 10 15 19 22 24 K=3 16 21 25 28 30 K=4 20 25 28 30 31 @ Suppose that K is fixed at 2. Does this production function exhibit diminishing marginal returns? (1) Does this production function exhibit constant returns to scale for all values of K and L

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