Assume that a firm has the following production function: 𝑞 = 𝐿0.25𝐾0.5. a. Calculate output whe

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Assume that a firm has the following production function: 𝑞 =
𝐿0.25𝐾0.5.
a. Calculate output when 𝐿 = 625 𝐾 = 100.
b. What returns to scale does this production function
exhibit?
c. Calculate output if technology utilized by the firm increases
by 20%.
d. Determine, both, the marginal product of labour and capital
functions (ignore c.).
e. Calculate, both, the marginal product of labour and capital
when 𝐿 = 625, 𝐾 = 100 and interpret your answers.
f. Calculate the marginal rate of technical substitution when 𝐿
= 625, 𝐾 = 100 and interpret your answer