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Suppose the production function for a bakery is:
Q = 4K0.4L0.6
where Q is the number of loaves of bread produced per day, K is the number of ovens, and L is the number of workers employed. Use calculus for the following:
a. determine a function for the marginal product of labor
b. determine a function for the marginal product of capital
c. find the marginal rate of technical substitution
d. discuss how MRTSLK changes as the firm uses more labor, holding output constant
Capital
The money and property that a business needs to operate.
Corporation by Estoppel
A legal doctrine that prevents a person from denying the corporate existence of an entity when they have treated it as a corporation.
Properly Incorporated
Refers to a company or entity that has been legally established and registered under the laws of its jurisdiction.
Valid Corporation
A legal entity that is properly incorporated under the laws of its jurisdiction, providing its owners with limited liability.
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