Question: I have some problem Understanding this problem, I'd Appreciate it if you could explain it. Thanks! Assume tomato (Q) is produced using hours of Labor
I have some problem Understanding this problem, I'd Appreciate it if you could explain it. Thanks!
Assume tomato (Q) is produced using hours of Labor (L) with a combination of water and good quality soil- that may be as a single "capital" (K) input-according to the following production function:


L 1/2 14[a] 1What technology does this production function describe? [b] Does this production function have oonstant, decreasing, or increasing returns to scale? Show your work; otherwise you will not get full credit. {c} Compute the technical rate of substitution between labor and capital (THEM). [d] What additional information would you need to calculate the cost-minimizing combination of inputs for this production function? Explain you answer. (e) Show that, for this production function, the marginal product of labor is diminishing in this input. You need to show a mathematical expression and explain its intuition with your own words
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