Question: The question is attached below (24 Points) Consider a rm with production technology :1 = k, l) = kili, where q is the quantity of

The question is attached below

The question is attached below (24 Points) Consider a rm with production

(24 Points) Consider a rm with production technology :1 = k, l) = kili, where q is the quantity of output, la is capital and l is labor. (a) (6 Points) Find expressions for the marginal product of both capital and la bor. Conrm that both satisfy the assumptions of positive marginal product and diminishing marginal returns. (in) (6 Points) On a set of axes running from 0 to 3D for both l {vertical axis} and k (horizontal), draw isoquant curves for q = 2 and q = 6 [You will need to cclcl to this graph in subsequent parts of the problem.) [cl (4 Points) Find the marginal rate of (technical) substitution (MRS or MRI'S) for the rm. (d) (8 Points) Make a graph with q = f(lr,l) on the vertical axis and labor (l) on the horizontal axis. Draw two separate production functions: q 2 le = 4, l) and q = 3"(lc = 9,l]. Use the two curves to indicate Point A, which corresponds to (ls: = 4,1! = 27'} and Point B, which corresponds to [k = 9,l = 8). Indicate the production (q) that corresponds to both Point A and Point B. Finally, indicate Points A and B on your graph for part (b) of this question, above

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