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1) The production function for the Roundtree Laser Company is:
Q =10L^ 0.5 K ^0.3 M ^0.3 where:
Q: number of lasers produced per week
L: amount of labor used per week
K: the amount of capital used per week
M: quantity of raw materials used per week
a) Does the production function exhibit decrease return to scale?
b) Does the production function exhibit diminish marginal returns?
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