Invited Presentations Given Between July 1, 2001 – June 30 ...
Figure 6.5. 12) Provide a graph and an explanation to show that the production function Q = L.5K.5 has diminishing marginal product of labor but has constant returns to scale. Answer: See Figure 6.5. The MPL = .5*L-.5K.5 so as the amount of labor increases the MPL falls. The convex shape of the isoquants illustrates the diminishing marginal ... ................
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