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Let Y denote output. K is capital stock and L is labor input. A denotes total factor productivity. 1. Let Y denote output. K is capital stock and L is labor input. The production function is the following: Y = F(K,L) = 4K +2L
a. Calculate output and the marginal product of capital (MPK) when K=1 and L=1.
b. Calculate output and the MPK when K=2 and L=1.
c. Calculate output and the MPK when K=3 and L=1.
d. From your answers in Parts (a)-(c), does this production function exhibit constant returns to scale?
e. From your answers in Parts (a)-(c), does this production function exhibit diminishing returns?
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