Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 27, 2024

The production function is f(L, M) = 4L1/2 M1/2, where L is the number of units of labor and M is the number of machines

The production function is f(L, M) = 4L1/2 M1/2, where L is the number of units of labor and M is the number of machines used. Calculate the marginal product of labor and marginal product of capital.

Step 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

Recommended Textbook for

Managerial Economics and Business Strategy

Authors: Michael R. baye

7th Edition

978-0073375960, 71267441, 73375969, 978-0071267441

More Books

Students also viewed these Economics questions

Question

★★★★★

Define proper acceleration in the obvious way: (a) Find 0 and of in terms of u and a (the ordinary acceleration). (b) Express in terms of u and a. (c) Show that = 0. (d) Write the Minkowski...

Answered: 1 week ago

Question

★★★★★

How much is needed to be saved today to have $10,000 in 4 years if you will earn 2%, compounded monthly?

Answered: 1 week ago

Question

★★★★★

Recall the principles of evaluation interviews.

Answered: 1 week ago

Question

★★★★★

The annual demand for Prizdol, a prescription drug manufactured and marketed by the NuFeel Company, is normally distributed with mean 50,000 and standard deviation 12,000. Assume that demand during...

Answered: 1 week ago

Question

★★★★★

The production function is f(L, M) = 4L1/2 M1/2, where L is the number of units of labor and M is the number of machines used. Calculate the marginal product of labor and marginal product of capital.

Answered: 1 week ago

Question

★★★★★

The . . . method can set the value of a function's this regardless of how it's called, and . . . don't provide their own 'this' binding ( it retains the this value of the enclosing lexical context ) .

Answered: 1 week ago

Question

★★★★★

Inflation is 2% per year; the interest rate is 8% per year. Your perpetuity project has cash flows that grow at 1% faster than inflation forever, starting with $20 next year. What is the correct...

Answered: 1 week ago

Question

★★★★★

Assume stock ABC has a Sharpe ratio of 0.8. Let's say there is a portfolio with 50% weight in stock ABC and 50% weight in risk-free asset, what is the portfolio's Sharpe ratio based on this...

Answered: 1 week ago

Question

★★★★★

1. If the present value of $280 paid one year from now is $250, what is the one- year discount factor? *Make sure to input all currency answers without any currency symbols or commas, and use two...

Answered: 1 week ago

Question

★★★★★

If I have a product that I want to use in my buisness that cost $75,000 to instill, and I use the product 20 times per week at a cost of $98 per person, what is my break even point?

Answered: 1 week ago

Question

★★★★★

The following is information related to Blossom Company for its first month of operations Credit Sales Cash Collections Jan.? Austin Co $10.200 Jan. 17 Austin Co 57,200 15 Diaz Co. 6.200 24 Day Ci...

Answered: 1 week ago

Question

★★★★★

5. State (a) a positive economic statement of your choice, and then (b) a normative economic statement relating to your first statement. LO1.3

Answered: 1 week ago

Question

★★★★★

4. What are the key elements of the scientific method and how does this method relate to economic principles and laws? LO1.2

Answered: 1 week ago

Question

★★★★★

1. What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity cost: allocating a square block in the...

Answered: 1 week ago

Previous Question Next Question