Consider the following production function using capital k, Ask an Expert

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Consider the following production function using capital (K) and labor (L) as inputs. Y = 10.K^0.5 L^0.5.

a. If K = 100 and L=100 what is the level of output?

b. If labor increases to 110 what is the level of output?

c. If labor increases to 110 what is the marginal product of labor?

d. If labor increases to 120 what is the marginal product of labor?

e. If labor increases from 100 to 110 and then to 120 while the level ofcapital does not change, what happens to Marginal Product of Capital?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92234570

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