Question
Given the following Cobb-Douglas production function Q = 1.5 * K^0.6 * L^0.4 Where Q is output K is unit of capital L is unit
Given the following Cobb-Douglas production function
Q = 1.5 * K^0.6 * L^0.4
Where Q is output
K is unit of capital
L is unit of labor
a.Find the marginal product of capital
b.Find the marginal product of labor
c.(BONUS) Show that MPK = 0.6 * Q/k and MPL = 0.4 * Q/L
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Microeconomics A Contemporary Introduction
Authors: William A. McEachern
9th edition
978-0538453714, 538453710, 978-1111415921
