Question

In-class exercise: finding total and marginal product. • Suppose the production function is • $f(L, K) = LK + K$ • What is the marginal product of capital (in general)? Hint: $\frac{\partial xy}{\partial x} = y$ • What is the marginal product of capital when $(L, K) = (10, 10)$? • What is the total product when $(L, K) = (10, 10)$? • Answers: $MP_K = L + 1$, $MP_K(10, 10) = 10 + 1 = 11$, $f(10, 10) =$ $10 \times 10 + 10 = 110$

          In-class exercise: finding total and
marginal product.
• Suppose the production function is
• $f(L, K) = LK + K$
• What is the marginal product of capital (in general)? Hint: $\frac{\partial xy}{\partial x} = y$
• What is the marginal product of capital when $(L, K) = (10, 10)$?
• What is the total product when $(L, K) = (10, 10)$?
• Answers: $MP_K = L + 1$, $MP_K(10, 10) = 10 + 1 = 11$, $f(10, 10) =$
$10 \times 10 + 10 = 110$

In-class exercise: finding total and
marginal product.
• Suppose the production function is
• f(L, K) = LK + K
• What is the marginal product of capital (in general)? Hint: (∂ xy)/(∂ x) = y
• What is the marginal product of capital when (L, K) = (10, 10)?
• What is the total product when (L, K) = (10, 10)?
• Answers: MPK = L + 1, MPK(10, 10) = 10 + 1 = 11, f(10, 10) =
10 × 10 + 10 = 110

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Mathematics for Economics and Business

lan Jacques 5th Edition

Chapter 4

Instant Answer

Solved by Expert Godha Ram

Step 1

The production function is given as f(L,K)=LK+Kaxy, where L represents labor, K represents capital, and a and x are constants. Show more…

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Please explain the process of getting the answers. In-class exercise: finding total and marginal product. Suppose the production function is f(L,K)=LK+Kaxy. What is the marginal product of capital (in general)? Hint: y=ax. What is the marginal product of capital when (L, K)=(10, 10)? - What is the total product when (L, K)=(10, 10)? Answers: MPx=L+1, MPx(10,10)=10+1=11, f(10,10)=10x10+10=110