Calculate marginal rate of technical substitution of labor

Reference no: EM13212153

Consider the following production functions:
q = 3L + 2K
q = 12L1/2 K1/2

a. Graph the short run total product curves for each production function for 0 ? L ? 25 in the case where K is fixed at 4.

b. Graph the marginal product of labor curves for each production function for 1 ? L ? 25.

c. Do these production functions exhibit diminishing marginal returns to labor? Explain.

d. For each production function, sketch the isoquants corresponding to production levels of 8 and 16. Be sure to plot at least 3 points on each isoquant.

e. For each production function, calculate the marginal rate of technical substitution of labor for capital (MRTSL,K) at the input bundle (4,4).

f. Do these production functions exhibit diminishing marginal rates of technical substitution?

g. For each production function, determine whether it exhibits increasing returns to scale, constant returns to scale, or decreasing returns to scale.

Reference no: EM13212153

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