onsider a short run production function q = cL+K where the value for c=3, sing L units of labour and K units of capital. a) Compute the marginal product of labour. b) Does the production function exhibit decreasing, increasing or constant returns to scale? Explain your answer.
onsider a short run production function q = cL+K where the value for c=3, sing L units of labour and K units of capital. a) Compute the marginal product of labour. b) Does the production function exhibit decreasing, increasing or constant returns to scale? Explain your answer.
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 3SQP
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