Consider the Cobb-Douglas production function displayed below: Y=AKN¹ Suppose that GDP is 100, capital is 50, labor is 10, and TFP is 6.17. Let α = 0.3. What is the marginal product of capital? 1-α Marginal product of capital equals 4.46 . (Round your answer to two decimal places.) That's incorrect.

Consider the Cobb-Douglas production function displayed below: Y=AKN¹ Suppose that GDP is 100, capital is 50, labor is 10, and TFP is 6.17. Let α = 0.3. What is the marginal product of capital? 1-α Marginal product of capital equals 4.46 . (Round your answer to two decimal places.) That's incorrect.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter7: Production Economics

Section: Chapter Questions

Problem 7E

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Suppose the production function is given by a = 3k - 41. what is the average product of capital when 10 units of capital and 10 units of labor are employed? A. 3 B. 4 C. 7 D. 45
Suppose the production function is given by q = 3k - 41. what is the average product of capital when 10 units of capital and 10 units of labor are employed? A. 3 B. 4 C. 7 D. 45
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Use the Cobb-Douglas production function to show that when the number of units of labor and the number of units of capital are doubled, the production level is also doubled.
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Suppose the production function for widgets is given by q=kl -0.8k²-0.21² where q represents the annual quantity of widgets produced, k represents annual capital input, and I represents annual labor input. Suppose k = 10; at what level of labor input does this average productivity reach maximum? (please put your answer in numerical values with no comma or decimal place). How many widgets are produced at that point? (please put your answer in numerical values with no comma or decimal place). If k = 10, at what level of labor input does MPL = 0? Suppose capital inputs were increased to k = 20, at what level of labor input does this average productivity reach maximum? widgets are produced at that point? (please put your answer in numerical values with no comma or decimal place). If k = 20, at what level of labor input does MPL = 0? answer in numerical values with no comma or decimal place). Does the widget production function exhibit constant, increasing, or decreasing returns to scale?…
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Suppose the productionfunction is given by Q = 5K + 3L. What is the average product of capital when10 units of capital and 10 units of labor are employed? 5 8 3 30