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QUESTION
Y = F(K, L) = A K0.4L1.0 a) Calculate the marginal product of labor (MPL) b) Does this production function exhibit diminishing marginal product of
Y = F(K, L) = A K0.4L1.0a) Calculate the marginal product of labor (MPL)b) Does this production function exhibit diminishing marginal product of labor? Please explain your reason.
