For each of the following production functions Q = f(K,L), find the marginal productivity with respect to K and L a) Q = 5KL – 2K² – 2L² at K = 1 and L = 1 %3D - 1 b) Q = 0.03K³ – 0.4KL+ 0.5L2 at K = 8 and L = 4

How would you determine that a two-input Cobb-Douglas production function has decreasing returns to scale (DRS), increasing returns to scale (IRS) or constant returns to scale (CRS) depending on whether α1 + α2 is larger than, smaller than, or equal to one?

Which of the following production functions exhibits increasing returns to scale in the factors of production K and L? a. y = ĀK0.3 L0.75 b. y = Kª(ĀL)-e,0 < a < 1 c. y = ĀKO.3L0.3 d. y = ĀK/4 + L³/4

QUESTION 1 For the production function Qs = K0.6L0.7 find the returns to scale, recall that a doubling of inputs that doulbes output is a CONSTANT returns to scale = 1.0 Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).