Question

The production function of good x is as follows: Q = (L^0.5)(K^0.4) a. Does this production...

The production function of good x is as follows: Q = (L^0.5)(K^0.4)

a. Does this production function have increase, constant or decreasing returns to scale? _______(Answer either IRS, DRS or CRS)
b. Calculate the slope of the isoquant when the entrepreneur is producing efficiently with 10 laborers and 20 units of capital. Slope = ______(Answer as a fraction or decimal.)
c. If we increase the amount of labor we use in our production process from 10 to 15 units, how much change in the capital is needed for us to stay on the same isoquant? K= ________
d. Is diminishing return a characteristic of this production function? ________For labor? (yes/no); For Capital (yes/no)? ________

Please fill the blanks, thanks

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