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A firm's production function is given as Q=5L^0.4K^0.6 Whereis the quantity of pencils produced, L is the amount of labor employed in the production of
A firm's production function is given as Q=5L^0.4K^0.6
Whereis the quantity of pencils produced, L is the amount of labor employed in the production of pencils and K is the amount of capital used in the production process.
(a)Derive the partial derivative of Q with respect to each of the independent variables (and)
(b)Use the partial derivatives you obtained in (a) to obtain the marginal product of labor () and the marginal product of capital) if L=15,000 and K=36,000.
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