Question: Use the following Cobb - Douglas production function, Q = 4 3 7 K 0 . 3 3 L 0 . 2 9 a )
Use the following CobbDouglas production function,
a What is the marginal product of capital? This will be a function of Capital and Labor.
What is the marginal product of labor? This will also be a function of Capital and Labor.
b When what is the quantity produced? c If capital is fixed at the output price is and wages is and the rental rate are what is the profit maximizing labor, what is the profit maximizing quantity,
what is the maximum profit?
A is answered, please answer fully B and C
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