Question1 Imagine you own a firm with the production function q=f(L, K) = Lº.2 K0.8 a. What is the MPL ? What does this mean economically? b. What is the MPK ? What does this mean economically? c. What is the MRTS? What does this mean economically? d. Does this production function have constant, increasing, or decreasing returns to scale?

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