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Business · Economics
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For the following rice production function:

Q = 80 ( K 0.6 L 0.4)

  1. Beginning with K=5 and L=37, find out if the marginal product of both K and L is decreasing. Show your work.

  1. Does the production function exhibit increasing, decreasing, or constant returns to scale? Show your work.

  1. Why does it matter to know about what you found in a. and b. above?
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