Question: 6. Consider the production function Y = F(K, L, H) = K%LH% where Y is output. K is physical capital, L IS labor, and

 \\ 6. Consider the production function Y = F(K, L, H)

= K%LH% where Y is output. K is physical capital, L IS

\\ 6. Consider the production function Y = F(K, L, H) = K%LH% where Y is output. K is physical capital, L IS labor, and H is human capital [years of eduction). 3- 5:15:12? and interpret the marginal product of physical capital. MPK(K. L. H) = 6K aF(K,L,H) b. Calculate and interpret the marginal product of labor, MPL (K, L. H) = in c. Calculate and interpret the marginal product of human capital, MPH (K , L H) = L'K'L'\") , a" . An indifference curve shows us the combinations of x and y that give the consumer the same level of utility. . . b. Using'theifact that along an indifference curve utility is constant, rewrite the total differenn'al and solve for 3: to get the slop eof the indifference curve. _ J

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