Given the production function: Q = 0.5C ^ 2 +12CL + 1.5L and the total acceptancefunction: TR = 150Q + 525If C = 50 and L = 10, calculate:a) Marginal Physical Product of Capital (MPP)Cb) Marginal Physical Product of Labor (MPP)Lc) Marginal Revenue Product of Capital (MRP)d) Marginal Revenue Product of Labor (MRP)Le) Marginal Rate of Technical Substitution(MRTS)

Production Function Q = 0.5C2 + 12CL + 1.5L DIfferentiate Q with respect to C to get Marginal…

Given the production function: Q = 0.5C ^ 2 + 12CL + 1.5L and the total acceptance function: TR = 150Q + 525 If C = 50 and L = 10, calculate: a) Marginal Physical Product of Capital (MPP) %3D b) Marginal Physical Product of Labor (MPP) L c) Marginal Revenue Product of Capital (MRP)

Given the production function: Q = 0.5C ^ 2 + 12CL + 1.5L and the total acceptance function: TR = 150Q + 525 If C = 50 and L = 10, calculate: a) Marginal Physical Product of Capital (MPP) %3D b) Marginal Physical Product of Labor (MPP) L c) Marginal Revenue Product of Capital (MRP)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Given the production function: Q = 0.5C ^ 2 +
12CL + 1.5L and the total acceptance
function: TR = 150Q + 525
If C = 50 and L = 10, calculate:
a) Marginal Physical Product of Capital (MPP)
C
b) Marginal Physical Product of Labor (MPP)
L
c) Marginal Revenue Product of Capital (MRP)
d) Marginal Revenue Product of Labor (MRP)
L
e) Marginal Rate of Technical Substitution
(MRTS)

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