Essay
Provide a graph and an explanation to show that the production function Q = L⁰.⁵ K⁰.⁵ has diminishing marginal product of labor but has constant returns to scale.
Correct Answer:
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See the above figure.The MPL = .5 ∗ L⁻⁰...View Answer
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Correct Answer:
Verified
See the above figure.The MPL = .5 ∗ L⁻⁰...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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