Maurice Tutor

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Category > Economics Posted 27 Jun 2018 My Price 7.00

firm's technology

Suppose that a firm's technology is given by the following production function:

 

f(k,L) = 6k^1/6*L^1/6

 

1.    Prove that this production function exhibits diminishing marginal product in both  and . This is not the same thing as decreasing returns to scale.

2.    Prove that this production function exhibits decreasing returns to scale.

 

Suppose that the rental rate of capital is $10, the wage rate of labor is $10, and the price of output is $40.

 

3.    What is the profit-maximizing quantity of capital and labor?

4.    What is the profit-maximizing quantity of output?

5.    What is the maximum profit for this firm?

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Jun 2018 09:06 PM My Price 7.00

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