Suppose a competitive firm's production function is Y= 20 L1/4 K1/2. L is Labor, K is capital and Y is output. a) (4) Fi

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Suppose a competitive firm's production function is Y= 20 L1/4 K1/2. L is Labor, K is capital and Y is output. a) (4) Fi

Post by answerhappygod »

Suppose A Competitive Firm S Production Function Is Y 20 L1 4 K1 2 L Is Labor K Is Capital And Y Is Output A 4 Fi 1
Suppose A Competitive Firm S Production Function Is Y 20 L1 4 K1 2 L Is Labor K Is Capital And Y Is Output A 4 Fi 1 (48.73 KiB) Viewed 11 times
Suppose a competitive firm's production function is Y= 20 L1/4 K1/2. L is Labor, K is capital and Y is output. a) (4) Find the marginal product of labor and capital. b) (4) What is Marginal Rate of technical Substitution of Labor for Capital? c) (2) Does this production function exhibit increasing, decreasing or constant returns to scale? Show your work.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”