Provide a Graph and an Explanation to Show That the Production

question 34

Essay

Provide a graph and an explanation to show that the production function Q = L^0.5K^0.5 has diminishing marginal product of labor but has constant returns to scale.

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Definitions:

Assignment Statement

Is the act of allocating a particular value to a variable during program execution.

Accumulating Statement

A statement in programming that updates the value of a variable by adding a new value to it.

Postfix Decrement

Postfix Decrement is an operator in programming that decreases the value of a variable by one, after the current operation completes.

Prefix Decrement

Prefix decrement is an operator that decreases the value of a variable by one before the variable is used in an expression.