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QUESTION

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Suppose the production function for widgets is given by:Q = f (K, L) = KL − 0.6K2 − 0.2L2

(a) Suppose L=25 (is fixed), derive an expression for and graph the total product ofcapital curve (the production function for a fixed level of labor) and the averageproductivity of capital curve.

(b) At what level of capital input does the average productivity reach a maximum?How many widgets are produced at this point?

(c) Again, assuming L=25, derive an expression for and graph the MPK curve. Atwhat level of capital input does MPK =0?

(d) Does this production function exhibit constant, increasing or decreasing returns to scale?