Question: please show how its done 2) A company's production function is given by P = 40Lk - 31- - 21- + 500, where P is

please show how its done

2) A company's production function is given by P = 40Lk - 31- - 21- + 500, where P is the total output generated by L units of labor and k units of capital. Determine: (a) the marginal production function with respect to L and its economic interpretation. (b) the marginal production function with respect to k and its economic interpretation

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!

I. Which of the following is correct? a) The pivot of the budget line shows the substitution effect while a slope gives the income effect. b) The pivot of the budget line shows the substitution...

Please see attachment, there are problems that I need help to solve them. Anybody could help I would much appreciated! Good Luck!! 1. (i) Demand function for tickets for a rock concert has been...

need these fast 1. Which of the following is an example of a positive statement? O A. If this good is bad for you, you should not consume it. O B. If you consume this good, you will get sick. O C....

need this quick. Thanks 1. Which of the following is an example of a positive statement? O A. If this good is bad for you, you should not consume it. O B. If you consume this good, you will get sick....

Attempt the following please; Univariate unconstrained maximization. (10 points) Consider the following maximization problem: max x f (x; x0) = exp((x x0)2) 1. Write down the first order conditions...

1. A 10 year bond, which has just been issued, provides semiannual coupons of 6% a year in arrears. It is redeemed at par. What price is paid (per $100 nominal value) if bond yields an annual...

Ajax Limited and Brutus, LLC. are the only suppliers of services that calibrate the send/receive GPS tracking equipment on trucks that are used by various trucking companies to monitor their shipping...

cc this are the questions Let US be the home country and Canada be the foreign country. Suppose that Canada experiences a temporary decline in their real GDP. Assume all else is constant. Consider...

1. If a consumer views a unit of consumption in period 1 as a perfect substitute (one for one) for a unit of consumption in period 2 and if the real interest rate is positive, the consumer will a....

Using the formulas for the steady state levels of capital and output, compare the capital stock, , and output, , after the drop in the population . (10 points) c. Graph the level of output (y-axis)...

Which feature on Fig. 9.5 is a braided stream? Describe its origin.

Imagine a kaolinite clay particle with Gs = 2.67. It is shaped like a sheet of paper. The size is 0. 004mm x 0.0005mm x 0.00001mm. Calculate the specific surface of the clay particle, in m 2/gram....

Knowledge Check Even Better Cabes wants to purchave a new machine for $ 3 9 , 4 0 0 with a 5 vear unehul life. The machine is expected to generate additional cash revenues of $ 4 , 4 0 0 per year and...

Monitoring and reporting of systems is vital in continuous improvement and to ensure compliance considering the key features of financial legislation relating to taxable transactions and reporting...

2. Develop your own loop models for the following conditions. At least one model shall be developed for each of the points under (a-j) a) If A shows anger towards B, what will Bs reaction be? b) What...

1. To gain an understanding of the fact that relationships are something more than only cause and effect chains.

3. What is meant when we say that people with a Protestant character exhibit manipulative behaviour?