For a production function Q = f(L, K), the marginal product of labour at a given input combination is best defined as:

The additional output obtained from a one-unit increase in labour, holding capital constant

A production function is given by Q = L^0.8 K^0.5. Which statement is correct?

It exhibits increasing returns to scale because the sum of exponents exceeds 1

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GATE Humanities and Social Sciences - Economics Syllabus

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