Question: 3. Consider the following production function: q = 2/L + 3VK Assume K = 16, derive the marginal product schedule for L. What direction

3. Consider the following production function: q = 2/L + 3VK Assume

3. Consider the following production function: q = 2/L + 3VK Assume K = 16, derive the marginal product schedule for L. What direction is it moving? a. b. What returns to scale does the production function exhibit? Explain Let w = $4, r = $2, and K = 16; for the given values of q determine average fixed costs, average variable costs, average total costs, and marginal costs: C. K AFC AVC MC 12 16 13 16 14 15 16 16 16 oo666

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