Answer to Question #28199 in Economics of Enterprise for Alidu Salifu
2. An industry can be characterized by the following production function:
Q = 2.5L^.60 C^.40
(a) What is the algebraic expression for the marginal productivity of labor?
(b) What is the algebraic expression for the average productivity of labor?
(c) How would you characterize the returns-to-scale in the industry?