Essay
Suppose the production function for a bakery is:
Q = 4K0.4L0.6
where Q is the number of loaves of bread produced per day, K is the number of ovens, and L is the number of workers employed. Use calculus for the following:
a. determine a function for the marginal product of labor
b. determine a function for the marginal product of capital
c. find the marginal rate of technical substitution
d. discuss how MRTSLK changes as the firm uses more labor, holding output constant
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a. Marginal product of labor is the part...View Answer
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