(Solved): 12. For each of the following production functions, graph a typical isoquant and determine whether ...

12. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of technical substitution of labor for capital \( \left(\right. \) MRTS \( L_{L, X} \) ) is diminishing, constant, increasing, or none of these. a. \( Q=L K \) b. \( Q=L \sqrt{K} \) c. \( Q=L^{2 / 3} K^{1 / 3} \) d. \( Q=3 L+K \)