A catfish processing firm has the following production function: 𝑄=12𝐿โˆ’1/3𝐿2 +18𝐾โˆ’2/5&#1

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answerhappygod
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A catfish processing firm has the following production function: 𝑄=12𝐿โˆ’1/3𝐿2 +18𝐾โˆ’2/5&#1

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A catfish processing firm has the following production
function:
๐‘„=12๐ฟโˆ’1/3๐ฟ2 +18๐พโˆ’2/5๐พ2experience
diminishing
What is the firmโ€™s marginal product of labor? What is the
marginal product of capital?
Assume the firm uses labor and capital in the range of 0 to 10
units. Does the firm experience diminishing
marginal returns for both inputs?
What returns to scale does the firmโ€™s production function
have?
The average wage per hour for workers at the catfish processer
are $16 and the price of capital is $26. Provide the relationship
between these two inputs at the optimal, least cost mix.
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