Business, 15.02.2020 01:21 drew3vans34
Consider the following production function: Q=(L+K)1/2
(a) What is the Marginal Product of Labor (MPL)?
(b) What is the Marginal Product of Capital (MPK)? Are they diminishing?
(c) What is the Average Product of Labor (APL)?
(d) What is the Average Product of Capital (MPK)?
(e) What is the TRSL, K ? Is the absolute value of TRSL, K diminishing in L or K?Are there constant, decreasing, or increasing returns to scale?
Answers: 2
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Consider the following production function: Q=(L+K)1/2
(a) What is the Marginal Product...
(a) What is the Marginal Product...
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