Question: could you please help me with this question? 3.- You are running a manufacture startup that has the following production function: f (L, K) =

could you please help me with this question?

could you please help me with this question? 3.- You are runninga manufacture startup that has the following production function: f (L, K)= (L -10) 0.5 10.5 a) (2 Points) Assuming that labor is

3.- You are running a manufacture startup that has the following production function: f (L, K) = (L -10) 0.5 10.5 a) (2 Points) Assuming that labor is flexible, what would be the minimum amount of labor that you need to run the company? Why?b) (2 Point) Find an expression for the marginal productivity of labor and the marginal productivity of capital. c) (2 Point) Find an expression for the marginal rate of technical substitution

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!