(Answered) Partial derivatives technique to solve for the MPK

Economics

Problem: Suppose we know that output in the economy is given by the production function: Y=AK^(1/2)L(1/2)

Required:

A) Use partial derivatives technique to solve for the MPK and explain a plot for the MPK as a function of capital?

B) Explain what happens to the MPK as K is increased, does MPK rise or fall as more capital is added and what do we call this in economics?

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Macroeconomics, Economics

Category:- Macroeconomics
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