Suppose production function: X=(4K)^1/3(L)^2/3 a. Are the function's 2nd cross partial derivatvies equal? b. Compute for

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answerhappygod
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Suppose production function: X=(4K)^1/3(L)^2/3 a. Are the function's 2nd cross partial derivatvies equal? b. Compute for

Post by answerhappygod »

Suppose production function: X=(4K)^1/3(L)^2/3
a. Are the function's 2nd cross partial derivatvies
equal?
b. Compute for RTS or the marginal rate of technical
substitution. Interpret the result.
c. If, however, a function's RTS or the slope of isoquant is
equal to 1K/4L, how much labor is substituted for capital?
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