5. Suppose a firm has a production function represented by 𝑄(𝐾, 𝐿) = min(4𝐾, 3𝐿
Posted: Mon Apr 25, 2022 8:21 am
5. Suppose a firm has a production function represented by 𝑄(𝐾,
𝐿) = min(4𝐾, 3𝐿). The firm is currently using 2 units of capital
and 3 units of labour. (please show the answer algebraically and
explain formula used.)
5.2. What is the marginal product of labour?
5.3. What is the marginal product of capital?
𝐿) = min(4𝐾, 3𝐿). The firm is currently using 2 units of capital
and 3 units of labour. (please show the answer algebraically and
explain formula used.)
5.2. What is the marginal product of labour?
5.3. What is the marginal product of capital?