Asked Oct 18, 2019

Consider a firm that has production function f(L,K)= 3L2/3K1/3. What is the expression for this firm’s Marginal Product of capital?

MPK(L,K)= 3L2/3/K1/3.

MPK(L,K)= 3L2/3/K2/3.

MPK(L,K)= L1/3/K1/3.

MPK(L,K)= L2/3/K2/3.

MPK(L,K)= 2L2/3/K1/3.


Expert Answer

Step 1

Firm’s production function is given as:


Image Transcriptionclose

K f(L,K) 3L

Step 2

Marginal product of capital is the increase in output of a firm when a unit of capital is added to production. ...


Image Transcriptionclose

of(L,K) MPx ак 28вк* MPR ок МP, — 313 (-к вВк% MP L K


Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in




Related Economics Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: Akbar bought a $40 a ticket to a comedy show. He values the show at $167. Birbal values watching the...

A: Consumer Surplus: It refers to the difference between the maximum price the buyer is willing to pay ...


Q: Uncerainity How do unanticipated changes affect the economy's output? How do anticipated changes af...

A: Uncertainty occurs when the possibility of a future event cannot be calculated or is indefinite.


Q: 1. Inventory is: Group of answer choices a. the total amount of goods that a company produces now, r...

A: 1. Inventory is a stock or store of goods. Every company store goods as inventory which will keep fo...


Q: If business cycles were really inevitable, what purpose would macro policy serve?

A: Business Cycle: It is the continuous cycle of production of goods and services which contracts and e...


Q: An economist estimated that the cost function of a single-product firm is:                          ...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...


Q: Free rider problem: a. Please thoroughly and completely explain the free-rider problem. b. Please ...

A: The free-rider problem refers to the situation where people enjoy the goods and services without pay...


Q: Do treasury securities finance a federal budget deficit? If so would the government purchase treasur...

A: Yes, federal securities finance a federal budget deficit.


Q: Suppose you compare your income this year and last year and find that your nominal income fell but y...

A: Nominal income shows the income in actual terms, unadjusted for inflation. Real income is the income...


Q: Suppose demand is governed by: Qd -3P 24 and supply is governed by: Qs 2P 4, find the 8. equilibrium...

A: Demand: It refers to the quantity of a commodity that consumer is willing and able to purchase at gi...