Question: Please show workings 1. Consider the production function given by q = 0:0 +a1L+agK+angK, where 030 2 (land!) 3 or, S lfor allz' 6 {1,2,3}.

Please show workings

Please show workings 1. Consider the production function given by q =

1. Consider the production function given by q = 0:0 +a1L+agK+angK, where 030 2 (land!) 3 or, S lfor allz' 6 {1,2,3}. (a) For this production function to exhibit constant returns to scale, what further restriction(s) would have to be placed on the parameters 0:9, 0:1, 0:2, and :13? (b) Show that this production function exhibits diminishing marginal products and that the marginal product functions are invariant with respect to scale changes in (L, K). (0) Determine the marginal rate of technical substitution

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