Suppose the Production Function for a Car Manufacturer Is

question 58

Essay

Suppose the production function for a car manufacturer is:
Q = 2K²L²
where Q is the number of cars produced, K is the number of machine hours used, and L is the number of worker hours used. Use calculus to:
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 MRTS_LK changes as the firm uses more labor, holding output constant.

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