Question
In the three questions that follow, we need use the production function from the note Diminishing Returns: F(K,L)=K^(1/3)*L^(2/3). (Note: K^x means K raised to the
In the three questions that follow, we need use the production function from the note "Diminishing Returns": F(K,L)=K^(1/3)*L^(2/3). (Note: K^x means K raised to the power x)
2. Suppose that K=1000 and L=4000. What is the marginal product of capital?
3. Suppose that K=1000 and L=27000. What is the marginal product of capital?
4. Suppose that K=2000 and L= 8000. What is the marginal product of capital?
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Microeconomics
Authors: Paul Krugman, Robin Wells
3rd edition
978-1429283427, 1429283424, 978-1464104213, 1464104212, 978-1429283434
