## Part 1. Marginal Product of Inputs

**Marginal products example**

*Find the marginal product of labor and capital for the following production function:*

$$f(K,L) = 6K^2 + 3L^3$$

## Part 2. Returns to Scale

**Returns to Scale Example**

*Does the following production function have increasing, constant, or decreasing returns to scale?*

$$f(K,L) = 6K^2 + 3L^3$$

*Try this example problem on your own to check your understanding and then watch the video for a walkthrough of the answer.*

## Part 3. Isoquants and the Marginal Returns to Technical Substitution

## Part 4. Common Production Functions

**Production Function Examples**

*Find the equation for the isoquant for each of these production functions, as well as the formula for the marginal rate of technical substitution.*

- $Q = 3K + 2L$
- $Q = \frac{1}{3}K^{1/3}L^{2/3}$

*Try this example problem on your own to check your understanding and then watch the videos for a walk-through of the answer.*

*Did you feel like any of the videos above were confusing, or could use more detail? If you're a student at Iowa State University, send me a quick note at mclancy@iastate.edu, referencing the video number and your issue, if applicable.*