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What is the marginal rate of technical substitution

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Reference no: EM132519238

You are given the production function: Q (K,L) = 4K0.6L0.4

a) What is the average product of labour, holding capital fixed at K? Simplify fully

What is the marginal rate of technical substitution (MRTS)? Simplify fully

c) Does the above function exhibit increasing, decreasing or constant returns to scale? Illustrate why and explain what this means

Reference no: EM132519238

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