Question: Use the following Cobb - Douglas production function, Q = 4 3 7 K 0 . 3 3 L 0 . 2 9 a )

Use the following Cobb-Douglas production function,
Q=437K0.33L0.29
a) What is the marginal product of capital? This will be a function of Capital and Labor.
MPK(K,L)=
What is the marginal product of labor? This will also be a function of Capital and Labor.
MPL(K,L)=
b) When K=4.4,L=4.2, what is the quantity produced? Q= c) If capital is fixed at K=4.4, the output price is P=10 and wages is w=50 and the rental rate are r=30 what is the profit maximizing labor, L? what is the profit maximizing quantity, Q
what is the maximum profit?
A is answered, please answer fully B and C!!
 Use the following Cobb-Douglas production function, Q=437K0.33L0.29 a) What is the

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!