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28 Sep 2019
Suppose that the production function is Q=L^(2/3)K(1/2).
What is the average product of labour, holding capital fixed?
What is the marginal product of labour?
Determine whether the production function exhibits diminishing marginal productivity of labour.
Determine the technical rate of substitution.
What returns to scale does the production function have?
Suppose that the production function is Q=L^(2/3)K(1/2).
What is the average product of labour, holding capital fixed?
What is the marginal product of labour?
Determine whether the production function exhibits diminishing marginal productivity of labour.
Determine the technical rate of substitution.
What returns to scale does the production function have?
Hubert KochLv2
29 Sep 2019
