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Consider the production function Q=L1/2+K2.
a) What is the expression for MRTSL,K given this production function?
b )Does this production function exhibit diminishing marginal product of capital? Explain how you know.
c) Does this production function exhibit diminishing marginal product of labour? Explain how you know
d) Does this production function exhibit diminishing marginal rate of substitution (L for K)? Explain how you know.
Which of the following statements is correct? Marginal revenue equals $3, Average revenue equals $600, Average revenue exceeds marginal revenue, but we don%u2019t know by how much.
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China's current financial account.
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