Problem
Suppose that a firm's production function is given by Q = K0.33L0.67, where MPK = 0.33 K -?0.67L0.67 and MPL = 0.67 K?0.33L-?0.33 .
a. As L increases, what happens to the marginal product of labor?
b. As K increases, what happens to the marginal product of labor?
c. Why would the MPL change as K changes?
d. What happens to the marginal product of capital as K increases? As L increases?
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.