Problem
1. Consider the following production function Y = F(K, L) = A(2K + 3L) Does this production function exhibit constant returns to scale? (Hint: Replace K and L by 2K and 2L respectively and check if F(2K, 2L) = 2F(K, L).)
2. Consider the following production function: Y = F(K, L) = AK0.4L1.0
a) Calculate the marginal product of labor.
b) Does this production function exhibit diminishing marginal product of labor?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.