Solution) An industry can be characterized by the following production function: Q=2.5{{L}^{0.6}}{{K}^{0
Question: #1: An industry can be characterized by the following production function:
\[Q=2.5{{L}^{0.6}}{{K}^{0.40}}\]
(a) What is the algebraic expression for the marginal productivity of labor?
(b) What is the algebraic expression for the average productivity of labor?
(c) How would you characterize the returns-to-scale in the industry?
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Deliverables: Word Document
Deliverables: Word Document
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