Question: Please help with this preparation question thanks 2. Consider the production functions given below: a. Suppose that the production function faced by a 30-weight ball

Please help with this preparation question thanks

2. Consider the production functions given below: a. Suppose that the production function faced by a 30-weight ball bearing producer is given by Q=4K'5L'5. Do both labor and capital display diminishing marginal products? Find the marginal rate of technical substitution for this production function. (Hint: MRTS = MPr/MPK.) Does this production function display a diminishing marginal rate of substitution? b. Suppose that the production function faced by a 40-weight ball bearing producer is given by Q=4KL. Do both labor and capital display diminishing marginal products? Find the marginal rate of technical substitution for this production function. Does this production function display a diminishing marginal rate of substitution? c. Compare your answers to (a) and (b). Must labor and capital display diminishing marginal products in order for the MRTS to diminish

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