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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
Posted: Sun Jul 03, 2022 6:55 am
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 (48.73 KiB) Viewed 13 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.