You are told that a profit-maximizing firm employs 15 workers and 3 units of capital. It produces output using the production function: Y= K(2/3)*LA(1/3) where Kis physical capital and Lis the number of workers. Compute the marginal product of capital. (State your answer to 2 decimal places)
You are told that a profit-maximizing firm employs 15 workers and 3 units of capital. It produces output using the production function: Y= K(2/3)*LA(1/3) where Kis physical capital and Lis the number of workers. Compute the marginal product of capital. (State your answer to 2 decimal places)
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 8P
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5.
![QUESTION 5
You are told that a profit-maximizing firm employs 15 workers and 3 units of capital.
It produces output using the production function:
Y= K(2/3)*LA(1/3)
where Kis physical capital and Lis the number of workers.
Compute the marginal product of capital. (State your answer to 2 decimal places)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0cf93be8-9f5f-4c41-97b7-934c806551ea%2F5ef3e491-fdda-47cc-8993-0172dfdceb4d%2Fhlxbpvw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 5
You are told that a profit-maximizing firm employs 15 workers and 3 units of capital.
It produces output using the production function:
Y= K(2/3)*LA(1/3)
where Kis physical capital and Lis the number of workers.
Compute the marginal product of capital. (State your answer to 2 decimal places)
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