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Suppose a firm producing computer screens has the following pr
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Suppose a firm producing computer screens has the following production function: Q = 80LK^0.5 where Q is output, L is labour, K is capital, and α is a positive constant 0 < α < 1. (a) Find all first and second order partial derivatives and give a verbal description for each. (b) Are the marginal products for labour (MP_L) and capital (MP_K) increasing or decreasing? Give reasons for your answers. (c) Now assume that the firm produces 1600 computer screens, rearrange the equation so that K is the dependent variable.

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Suppose a firm producing computer screens has the following production function: Q = 80LK^0.5 where Q is output, L is labour, K is capital, and α is a positive constant 0 < α < 1. (a) Find all first and second order partial derivatives and give a verbal description for each. (b) Are the marginal products for labour (MP_L) and capital (MP_K) increasing or decreasing? Give reasons for your answers. (c) Now assume that the firm produces 1600 computer screens, rearrange the equation so that K is the dependent variable.
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Question Text
Suppose a firm producing computer screens has the following production function: Q = 80LK^0.5 where Q is output, L is labour, K is capital, and α is a positive constant 0 < α < 1. (a) Find all first and second order partial derivatives and give a verbal description for each. (b) Are the marginal products for labour (MP_L) and capital (MP_K) increasing or decreasing? Give reasons for your answers. (c) Now assume that the firm produces 1600 computer screens, rearrange the equation so that K is the dependent variable.
TopicAll topics
SubjectPhysics
ClassClass 12