Question
Wheat is produced according to the production function: q = 100K^0.5H^0.5 Where q = quantity of wheat produced; K = capital input; H = labour
Wheat is produced according to the production function: q = 100K^0.5H^0.5
Where q = quantity of wheat produced; K = capital input; H = labour input (i) If the capital input of 16 units and a labour input of 25 units are used, show all your working in answering the following: (a) what is the marginal product of labour? (b) what is the marginal product of capital?
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Microeconomics
Authors: Robert Pindyck, Daniel Rubinfeld
8th edition
978-0132870436, 132870436, 013285712X, 978-0133371178, 133371174, 978-0132857123
