Discussion Post
• Suppose inputs are only substitutable at two units of labor for every one unit of capital, and one unit of output is produced for every unit of labor or ½ unit of capital. What would be the equation for the production function? What is the average and marginal product of labor in this case?
• Suppose output is produced according to the production function Q = M^0.5 K^0.5 L^0.5, where M is materials. Does this production function exhibit decreasing, increasing, or constant returns to scale? Show using an example.
• Suppose output is produced according to the production function Q = min(K, L), what is the expansion path of this production function?
• Construct a linear programming problem with two outputs and two constraints (labor and capital).
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.