## Answers

As per the HOMEWORKLIB POLICY, answering the first four parts

) f(2,6)= 52" + 3k"2 Augment production function by factor a. fal, ak)= 5(24)'n + 3(ka) = 5212442 + 392K"> = 212 [52'2 + 3 k"2] = 20.5 F (L,K) So, if we double the inputs Lk , then output is not increased by the doubled amount. F(lik) exhibits Decousing Returns to Scale 2) formula foo Diminishing Returns - A pooduction function Fll, k) has diminishing returns to scale if +221 F(al, ak) < af (2,K) * (lik) : . 3) General formula for MRTS - MRT SL,K - men MRTS – finns MPK 4) General formula for Profit - Poofit - TR - TC or Profit = px f(L,K) - TC

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