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QUESTION
1. Consider an individual making choices over two goods, x and y with prices pxand py, and who has income I: (a) What is the MRTS K,L for the
1. Consider an individual making choices over two goods, x and y with prices pxand py, and who has income I:
(a) What is the MRTSK,L for the following production function: Q = K2L? What returns to scale does the production function exhibit?
(b) What is the MRTSK,L for the following production function: Q = 2K + 4L1/2?What returns to scale does the production function exhibit?
