Brenden lives in a small town where he plans to hire workers to him make ornaments. his production function for ornaments is qq = 4llkk0.5 he begins producing with k = 4. the cost of capital is $50/unit. the wage depends on the amount of workers he employs. specifically, w(l) = 17 + 2l2 . a. does brenden’s production function exhibit diminishing marginal returns to labor? explain. b. what kinds of returns to scale does brenden’s production function exhibit? explain.
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Brenden lives in a small town where he plans to hire workers to him make ornaments. his production...
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