Answer to Question #30116 in Microeconomics for mulugeta

Question #30116
4. Given the following production and cost function Given by Y=15L0.4 K0.5 (Production function) C=W1L+W2K+100 (Cost Function) Where L= labor, K= capital, A) Compute the following i. APPL (2 points) ii. APPK (2 points) iii. MPPL (2 points) iv. MPPK (2 points) v. Marginal rate of technical substitution of labour for capital /MRTSLK(2 points) vi. Expansion path (2 points) vii. Elasticity of substitution (2 points) viii. Return to scale (2 points) ix. Indicate the relationship between elasticity of substitution and scale. (2 points)
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