Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I circled the specific part with the pink. Can you explain why that 4k becomes 3k out of nowhere? Thank you! the Given production function
I circled the specific part with the pink. Can you explain why that 4k becomes 3k out of nowhere? Thank you!
the Given production function 0. 25 0075 4 = 4 K K = 256 units h = 8 1 units marginal product of humanCapital = MP, MP, = of , derivation of production function with respect to human capital 0.25 875 - 1 MPL = 4 k (0.75 ) 0.25- 0025 MP = 3 K O. 25 MP. 3 /k put the value of k= 256, h= 81. th ) 10.25 0. 25 MAP I 13 256 = 3 ( 3.16 ) = $X 3X 1.33 81 = 3.99 approx= 4 Mp = 4Question 7 Suppose the per-worker production function is given as follows: y = 4k0'25h0'75 where k = (physical) capital per worker, h = human capital per worker If each worker is endowed with 256 units of (physical) capital and 81 units of human capital, nd the marginal product of human capital. Be sure to show your work and rounded your answer to 3 decimal places if necessary. MPh = 3(2560'25)(81''25) = 4 Marginal product of human capitalStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started