Answer Happy

A catfish processing firm has the following production
function:
𝑄=12𝐿−1/3𝐿2 +18𝐾−2/5𝐾2experience
diminishing
What is the firm’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 firm’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.