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a firm's production function is Q = AKªLB = 10K0.4L0.6 /here Q denotes total production, K denotes capital, and L denotes labor. Find harginal productivity of labor and capital when (K, L) = (10,10). If the production 8Q K SK`Q lasticity of capital can be defined as and production elasticity of labor defined 8Q L show that production elasticity of capital and labor are a = 0.4 and ß = 0.6.

a firm's production function is Q = AKªLB = 10K0.4L0.6 /here Q denotes total production, K denotes capital, and L denotes labor. Find harginal productivity of labor and capital when (K, L) = (10,10). If the production 8Q K SK`Q lasticity of capital can be defined as and production elasticity of labor defined 8Q L show that production elasticity of capital and labor are a = 0.4 and ß = 0.6.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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If a firm's production function is Q = AKªLB = 10K04L0.6 Where Q denotes total production, K denotes capital, and L denotes labor. Find marginal productivity of labor and capital when (K, L) = (10,10). If the production 8Q K elasticity of capital can be defined as and production elasticity of labor defined SK'Q SQ L as SL show that production elasticity of capital and labor are a = 0.4 and B = 0.6.
Transcribed Image Text:If a firm's production function is Q = AKªLB = 10K04L0.6 Where Q denotes total production, K denotes capital, and L denotes labor. Find marginal productivity of labor and capital when (K, L) = (10,10). If the production 8Q K elasticity of capital can be defined as and production elasticity of labor defined SK'Q SQ L as SL show that production elasticity of capital and labor are a = 0.4 and B = 0.6.
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