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If a firm's production function is given byQ = f(K, L) = K + L,
If a firm?s production function is given byQ = f(K, L) = K + L, (4)where Q is the number of units of output, K is capital and L is labor.(a) (2 points) Derive the average product of labor (AP L) and the average product of capital(APK)(b) (2 points) Derive the marginal product of labor (MP L) and the marginal product of capital(MPK)2ECON 2009 B Assignment 1 2016 Fall(c) (1 points) Derive the marginal rate of technical substitution MRT S = MP L/MPK(capital input is measured on the vertical axis)(d) (4 points) Draw the isoquant if Q = 100(e) (6 points) If this firm?s cost is described byM = 2K + L, (5)find the optimal input combination (Hint: corner solution)
This question was answered on: Feb 21, 2020
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