[Solution Library] Consider the following production technologies. Write down the expression for the marginal product of labor for each, and discuss whether they
Question: Consider the following production technologies. Write down the expression for the marginal product of labor for each, and discuss whether they exhibit the property of diminishing marginal returns to labor.
- \(F\left( K,L \right)=10L+K\)
- \(F\left( K,L \right)={{L}^{1/2}}{{K}^{1/2}}\)
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