12 L'.ĀK2 L2 where theproductivity parameter is equal to 2 . How many units of output can be produced with 25 units ofConsider an economy characterized by the production function Y =capital and 36 workers?20Using the same production function and factor inputs (capital and labor) as in the previousquestion, compute the marginal product of labor. Round your answer to the nearest hundredthafter the decimal point.30

PRODUCTION FUNCTION = Y = AK1/2L1/2

Answered: Consider an economy characterized by…

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.2P

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If capital and labour are perfect complements then the marginal products of capital and labour are undefined A True Faise Question 16 A firm uses 10 units of labour and 20 units of capital to produce 10 units of output. The marginal product of labour is 0.5. If there are constant returns to scale the marginal product of labour must be 0.25 True B False Question 17 Afirm uses 10 units of labour and 30 units of capital to produce 10 units of output. The marginal product of labour is 05. If there are constant returns to scale the marginal product of labout must be 0.25 A True False
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USE R LANGUAGE TO SOLVE THE equation The output of a production process, Q is given by the function2K^(-3)L^(5/2)/2K log4 6L^2where K and L denote capital and Inbour. Calculate the output when the capital and labour are 10 and 20 units, respectively.
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