Essay
Suppose the production function for a coffee shop is:
Q = 2K + 5L
where Q is the number of cups of coffee produced, K is the number of coffee makers, and L is the number of workers. Use calculus to:
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 par...View Answer
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