Sppose that the output of a certain country is given byq , Ask an Expert

Economics

Suppose that the output of a certain country is given by:Q = 20x^3/5 y^2/5 billion dollars if x billion are spent on on labor and y billion dollars are spent on capital, i) Find the output of the country if it spends $32 billion on labor and $243 billion on capital ii) By how much should the amount spent on capital be changed, if the amount spent on labor is increased by $1 billion? iii) What is the marginal rate of technical substitution (MRTS)?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92186301

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