|Question||Touchie MacFeelie publishes comic books. The only inputs he needs are old jokes and cartoonists. His production function is
Q = .1J1/2L3/4,
where J is the number of old jokes used, L the number of hours of cartoonists’ labor used as inputs, and Q is the number of comic books produced.
(a) Does this production process exhibit increasing, decreasing, or constant returns to scale? Explain your answer.
(b) If the number of old jokes used is 100, write an expression for the marginal product of cartoonists’ labor as a function of L. _______ Is the marginal product of labor decreasing or increasing as the amount of labor increases?