F(L, K) = LK^3 and F(L,K) = L+3K for each of these production functions: a) draw the corresponding graph b) calculate the marginal product of labor and capital c) discuss if each marginal product is diminishing, constant or increasing d) calculate the marginal rate of technical substitution e) calculate if the function exhibits constant, increasing, or diminishing returns to scale
F(L, K) = LK^3 and F(L,K) = L+3K for each of these production functions: a) draw the corresponding graph b) calculate the marginal product of labor and capital c) discuss if each marginal product is diminishing, constant or increasing d) calculate the marginal rate of technical substitution e) calculate if the function exhibits constant, increasing, or diminishing returns to scale
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 3SQP
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F(L, K) = LK^3 and F(L,K) = L+3K
for each of these production functions:
a) draw the corresponding graph
b) calculate the marginal product of labor and capital
c) discuss if each marginal product is diminishing, constant or increasing
d) calculate the
e) calculate if the function exhibits constant, increasing, or diminishing returns to scale
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