Answer to Question #39731 in Microeconomics for Ash

Question #39731
a. Consider the following production function: Q= K L .
Explain the special characteristics of this production function. How is it different from a Linear production function? How is it different from a Leontief production function?

b. Assuming that the firm hires 10 units of capital and 20 units of labour, use the production function given in part a to compute the average and marginal products of labour.

c. Explain how the firm would use the marginal product of labour to determine the profit maximizing quantity of labour, which the firm would hire.
Expert's answer
Dear visitor
Unfortunately, your question requires a lot of work and cannot be done for free. Please submit it with all requirements as an assignment to our control panel and we’ll assist you

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!


No comments. Be the first!

Leave a comment

Ask Your question

New on Blog