Question: Question 2 ) ( 1 6 Points ) Assume that the production function is q = L 0 . 4 K 0 . 6 .
Question Points Assume that the production function is q LK For this given function:
Find the isoquant.
What is the Marginal Rate of Technical Substitution of L for K MRTSLK
Does the Marginal Rate of Technical Substitution of L for K MRTSLK exhibit increasing or decreasing behavior?
For the above production function, show whether the function exhibits decreasing, constant, or increasing returns to scale.
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