Suppose that a firm's production function is given by: F(K, L) = 4KL – 2 min{K², L²}, where K represents capital input and L labor input. As a consequence, F(K, L) = 4KL-2L² if L < K and F(K, L) = 4KL – 2K² if K < L. 1. The marginal product of labor is given by: (a) MPL 4K if L K. (c) MP₁ = 4L if L < K and MP₁ = 4K if L > K. (d) MP₁ = 4K – 4L if L < K and MP₁ = 4K if L > K. = = 4K 4L if L > K.
Suppose that a firm's production function is given by: F(K, L) = 4KL – 2 min{K², L²}, where K represents capital input and L labor input. As a consequence, F(K, L) = 4KL-2L² if L < K and F(K, L) = 4KL – 2K² if K < L. 1. The marginal product of labor is given by: (a) MPL 4K if L K. (c) MP₁ = 4L if L < K and MP₁ = 4K if L > K. (d) MP₁ = 4K – 4L if L < K and MP₁ = 4K if L > K. = = 4K 4L if L > K.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Suppose that a firm's production function is given by: F(K, L) = 4KL – 2 min{K², L²},
where K represents capital input and L labor input. As a consequence, F(K, L) = 4KL-2L²
if L < K and F(K, L) = 4KL – 2K² if K < L.
1. The marginal product of labor is given by:
(a) MPL
4K if L<K and MPL
(b) MP₁ = 4K if L < K and MP₂ = 4K – 4L if L > K.
(c) MP₁ = 4L if L < K and MP₁ = 4K if L > K.
(d) MP₁ = 4K – 4L if L < K and MP₁ = 4K if L > K.
=
=
4K 4L if L > K.
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