Problem
Economists sometimes "prove" the law of diminishing marginal returns with the following exercise: Suppose that production of steel requires two inputs, labor and capital, and suppose that the production function is characterized by constant returns to scale. Then
a) Use data from the table to plot sets of input pairs that produce the same number of widgets. Then, carefully, sketch several of the isoquants associated with this production function.
b) Find marginal products of K and L for each pair of inputs in the table.
c) Does the production function in the table exhibit decreasing, constant, or increasing returns to scale?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.