Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 04 Feb 2018 My Price 5.00

firm’s production function

Suppose that a firm’s production function is given by Q = KL + K, with MPK = L + 1 and MPL = K. At point A, the firm uses K = 3 units of capital and L = 5 units of labor. At point B, along the same isoquant, the firm would only use 1 unit of capital.

a) Calculate how much labor is required at point B.

b) Calculate the elasticity of substitution between A and B. Does this production function exhibit a higher or lower elasticity of substitution than a Cobb–Douglas function over this range of inputs?

 

 

 
 

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Feb 2018 11:02 PM My Price 5.00

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