Typed and correct answer please. I ll rate A manufacturer estimates that the annual output at a certain factory is given byQ(K, L) = 40KL0.2 units, where K is the capital expenditure in thousands of dollars and L is0.8the size of the labor force in worker-hours. Suppose that the current capital expenditure is$300000 and the labor level is 560 worker-hours.a. Find the current marginal productivity of capital Qk -ANSWER:b. Find the current marginal productivity of labor QL.ANSWER:c. Should the manufacturer consider adding a unit of capital or a unit of labor in order to increaseoutput more quickly?OA. capitalB. labor

Given that, Q(K,L) = 40K0.8L0.2 Here k is the capital expenditure in thousands of dollars and L is…

A manufacturer estimates that the annual output at a certain factory is given by K,L) = 40K0.8L0.2 units, where K is the capital expenditure in thousands of dollars a size of the labor force in worker-hours. Suppose that the current capital expenditure is 0000 and the labor level is 560 worker-hours. ind the current marginal productivity of capital QK- SWER: ind the current marginal productivity of labor QL. SWER: hould the manufacturer consider adding a unit of canital or a unit of labor in order to ir

A manufacturer estimates that the annual output at a certain factory is given by K,L) = 40K0.8L0.2 units, where K is the capital expenditure in thousands of dollars a size of the labor force in worker-hours. Suppose that the current capital expenditure is 0000 and the labor level is 560 worker-hours. ind the current marginal productivity of capital QK- SWER: ind the current marginal productivity of labor QL. SWER: hould the manufacturer consider adding a unit of canital or a unit of labor in order to ir

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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