Consider the Cobb-Douglas Production function P(L,K) 28L0.3K0.7 Find the marginal productivity of labor and marginal productivity of capital when 11 units of labor and 16 units of capital are invested. (Your answers will be numbers, not functions or expressions). Round your answer to 3 decimal places, if necessary. Marginal Productivity of Labor when L = 11 and K = 16: Marginal Productivity of Capital when L = 11 and K = 16:

Consider the Cobb-Douglas Production function P(L,K) 28L0.3K0.7 Find the marginal productivity of labor and marginal productivity of capital when 11 units of labor and 16 units of capital are invested. (Your answers will be numbers, not functions or expressions). Round your answer to 3 decimal places, if necessary. Marginal Productivity of Labor when L = 11 and K = 16: Marginal Productivity of Capital when L = 11 and K = 16:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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