Problem 7: For each of the following parts of this question, you are to calculate (i) MPL, (ii) MPK, and (iii) MRTSLK: (a) OOO Q = 10L0.5K0.5 Q = 18L² + 14K³ - L²K. Q = 17L +9K+0.6L0.4K0.5 Regarding the production function part (a) only: Q = 10L0.5K0.5. Do labor and capital have diminishing returns to output? Are there diminishing MRTSLK?

Problem 7: For each of the following parts of this question, you are to calculate (i) MPL, (ii) MPK, and (iii) MRTSLK: (a) OOO Q = 10L0.5K0.5 Q = 18L² + 14K³ - L²K. Q = 17L +9K+0.6L0.4K0.5 Regarding the production function part (a) only: Q = 10L0.5K0.5. Do labor and capital have diminishing returns to output? Are there diminishing MRTSLK?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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