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Suppose the production function for DVDs is given by Q = KL^2 L^3 , where Q is the number of disks produced per day, K is quantity of capital, and L...
II. Suppose the production function for DVDs is given by Q = KL^2 − L^3 , where Q is the number of disks produced per day, K is quantity of capital, and L is quantity of labor.
- a) Find marginal product of labor and marginal product of capital.
- b) What is the general equation for the isoquant corresponding to any level of output Q?
- c) What is MRTSlk here
- d) Find elasticity of substitutions L for K here