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(a) Show that the following Cobb-Douglas production function, f(K,L) = KαL1−α, has constant returns to scale....

(a) Show that the following Cobb-Douglas production function, f(K,L) = KαL1−α, has constant returns to scale.
(b) Derive the marginal products of labor and capital. Show that you the MPL is decreasing on L and that the MPK is decreasing in K.

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