The two production functions (a) and (b) below show the relationship between inputs L and K and output Q. (a) Q = 0.5K + 0.5L (b) Q = KO.SLO.S Answer the following questions for boTh(a) and (b): (i)...

(a) Q = 0.5K + 0.5L

(b) Q = KO.SLO.S

Answer the following questions for boTh(a) and (b):

(i) What types of returns to scale are present?

(ii) Is there an uneconomic region on the isoquant map illustrating the production function?

(iii) If K is held constant at some level what shapes will the APL and MPL schedules take? Which do you think is the more realistic of these two production functions? Why?