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Consider the production function Q = 2(KL) 0.5 What is the marginal product of labour and capital. What is the marginal rate of technical substitution
Consider the production function Q = 2(KL)0.5
- What is the marginal product of labour and capital.
- What is the marginal rate of technical substitution of labor for capital.
- What is the elasticity of substitution at a point K = 1, L = 1 if we increase K by one unit?
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Managerial Economics and Business Strategy
Authors: Michael Baye, Jeff Prince
9th edition
9781259896422, 1259290611, 1259896420, 978-1259290619
