this production function exhibit constant, increasing, or decreasing returns to scale? c) What is the marginal rate of technical substitution of L for K for this production function
this production function exhibit constant, increasing, or decreasing returns to scale? c) What is the marginal rate of technical substitution of L for K for this production function
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 21P
Related questions
Question
Q5 A firm's production function is Q is equal to 5L2K
a) Find out the MPL and MP
b) Does this production function exhibit constant, increasing, or decreasing
returns to scale?
c) What is the
production function
Q6.Suppose the firm sells its output according to the following demand schedule
Marginal
Total Product Total Revenue e
Labor Product Price Revenue Product
$3.50
192c
2.80
18
2.30
29
1.80
39
1.65
47
1.50
2
1.40
53
Fill in the remaining two columns of the table. How many workers wil
hired at a wage of $72
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