(a) Consider the production function,

q = 100K²L^1.5

Calculate the marginal product of labor, MP_L, and the marginal product of capital,MP_K.

(c) Suppose that in the short run, the level of capital is fixed at K = 15. Write out the total product of labor curve. What is the marginal product of labor when L = 100?

(d) Now consider two input combinations, (K = 5, L = 100) and (K = 20, L = 25). Which of the two input combinations lies on the higher Isoquant curve?

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Solutions a Marginal Product of Labor MPL and Marginal Product of Capital MPK MPL This refers to the ... View the full answer