Microeconomics (9th Edition) (Pearson Series in Economics)
9th Edition
ISBN: 9780134184241
Author: Robert Pindyck, Daniel Rubinfeld
Publisher: PEARSON
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Question
Chapter 6, Problem 10E
(a)
To determine
The marginal product of labor and marginal product of capital.
(b)
To determine
The nature of the production function.
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Students have asked these similar questions
In Example 6.4, wheat is produced according to the production function q = 100(K0.8L0.2)a. Beginning with a capital input of 4 and a labor input of 49, show that the marginal product of labor and the marginal product of capital are both decreasing. b. Does this production function exhibit increasing, decreasing, or constant returns to scale?
Suppose that corns are produced according to the production
function q = 100K + 50L, where q represents pounds of corns
produced per hour, K is the number of acres of land devoted to
corn production, and L represents the number of workers hired
each hour.
1. Does this production function exhibit increasing, constant, or
decreasing returns to scale?
2. Give one reason why this production function is probably not a
very reasonable one.
A firm faces the production function:
q=10L^0.32 K^0.56
(a) What kind of returns to scale does this production function feature? Show work.
(b) Does this production function exhibit downward-sloping and convex isoquants? Explain.
Chapter 6 Solutions
Microeconomics (9th Edition) (Pearson Series in Economics)
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