Consider the Cobb-Douglas Production function: P(L, K) = 14L0.2 K-0.8 Find the marginal productivity of labor and marginal productivity of capital when 16 units of labor and 18 units of capital are invested. Give your answers to at least 4 decimal places if necessary. Marginal Productivity of Labor when L is 16 and K is 18 = PL(16, 18) = Marginal Productivity of Capital when L is 16 and K is 18 = Pk(16, 18) - =

Consider the Cobb-Douglas Production function: P(L, K) = 14L0.2 K-0.8 Find the marginal productivity of labor and marginal productivity of capital when 16 units of labor and 18 units of capital are invested. Give your answers to at least 4 decimal places if necessary. Marginal Productivity of Labor when L is 16 and K is 18 = PL(16, 18) = Marginal Productivity of Capital when L is 16 and K is 18 = Pk(16, 18) - =

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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