Consider the following production technologies. Write down the expression for the marginal product o


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.

(a) \(F\left( K,L \right)=10L+K\)

(b) \(F\left( K,L \right)={{L}^{1/2}}{{K}^{1/2}}\)

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