Let, production function, Q = 30 K0.7 L0.5,rate of interest = Rs 20, wage rate = Rs

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Let, production function, Q = 30 K0.7 L0.5,rate of interest = Rs 20, wage rate = Rs 30

i. Compute marginal productivity of two inputs lobar and capital.

ii. Derive an equation for the expansion path

iii. What is the efficient input combination underproduction quota Q = 200 and Q=500?

Related Book For answer-question

Physical Chemistry

ISBN: 978-0321812001

3rd edition

Authors: Thomas Engel, Philip Reid

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Posted Date: Jan 12, 2021 01:01 AM

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Let, production function, Q = 30 K0.7 L0.5,rate of interest = Rs 20, wage rate = Rs

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Physical Chemistry

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