Suppose the Production Function for a Bakery Is

question 80

Essay

Suppose the production function for a bakery is:
Q = 4K^0.4L^0.6
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 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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