A company has the production function Q=f(L,K)=10L+L{K^2} , where L is the number of units of labor
Question: A company has the production function \(Q=f\left( L,K \right)=10L+L{{K}^{2}}\) , where L is the number of units of labor and K is the number of units of capital. They can produce their order most cheaply by hiring 9 units of labor and 4 units of capital.
a) What quantity was ordered?
b) What is the marginal product of labor, MPL, for the latest unit of labor, from (8,4) to (9,4)?
c) What is the marginal product of capital, MPK, for the latest unit of capital, from (9,3) to (9,4)?
d) What is the marginal rate of technical substitution for labor with capital, MRTSLK, for the input combination (9,4)?
e) If the wage rate, w, is $10, what must the rental rate, r, be?
Price: $2.99
Solution: The downloadable solution consists of 2 pages
Deliverables: Word Document
Deliverables: Word Document
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