Diminishing marginal productivity of labor

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The production function for a firm is given by

q = L.75 K.25

where denotes output; Land labor and capital inputs.

(a) Determine marginal product of labor. Show whether or not the above production function exhibits diminishing marginal productivity of labor.

(b) Calculate the output (or production) elasticity with respect to labor.

(c) Determine the nature of the Return to Scale as exhibited by the above production function. Show and explain all calculations.

Reference no: EM131577043

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