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Write expressions for marginal products of k and l

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Reference no: EM132417077

Given the production function Q = K.5L.5

a. Write expressions for marginal products of K and L

b. Does production exhibit increasing, decreasing or constant returns to scale? Show proof

c. If K is held constant does marginal product of L increase, decrease or remain constant as L is increased. Show proof of your answer

d. Derive an expression for marginal rate of technical substitution of L for K

e. If Price of K = 1 and price of L =2, what quantities of K and L will be used to produce 500 units of output at least cost?

Reference no: EM132417077

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