The production function is f(L,K)= L2/3K 1/3 , where L is the amount of labor and K is the amount of capital.(a. Find the marginal products of labor and capital. Is the marginal product of labor diminishing, increasing or constant in labor?(b. Sketch several isoquants in the K-L space.(c. Find the Technical Rate of Substitution between capital and labor.(d. What are the returns to scale of this production function?Please explain it with details The production function is f(L,K)= L2/3K¹/3, where L is the amount of labor and K is the amount ofcapital.a. Find the marginal products of labor and capital. Is the marginal product of labordiminishing, increasing or constant in labor?b. Sketch several isoquants in the K-L space.c. Find the Technical Rate of Substitution between capital and labor.d. What are the returns to scale of this production function?

f(L,K)= L2/3K 1/3 L refers to the Labour K refers to the Capital.

he production function is f(L,K)= L2/3K 1/3 , where L is the amount of labor and K is the amount of capital. (a. Find the marginal products of labor and capital. Is the marginal product of labor diminishing, increasing or constant in labor? (b. Sketch several isoquants in the K-L space. (c. Find the Technical Rate of Substitution between capital and labor. (d. What are the returns to scale of this production function? Please explain it with details