Hello,

Please provide detailed step by step solution for the below:

2 3. [3 points] A firm's production function is Q = 513 K 3 , with MPL = 5-L-3 K 3 , and 3 2 IN MPK = 5-L3 K- 3 . L is labour and K is capital. 3 a. Does this production function exibit constant, increasing or decreasing returns to scale? b. What is the marginal rate of technichal substitution of L for K? c. Plot 2 Isoquants (Q=100, Q =50) (with at least 3 points each)