Wednesday

August 20, 2014

August 20, 2014

Posted by **mary** on Thursday, October 28, 2010 at 2:48pm.

TC = 10L + 20K

The production function has the form: 4 ln L + 10 K 1/2

a. Derive the mathematical forms of the marginal and average products of capital and

labor. How is the marginal product of labor affected by changes in capital?

b. Describe the production position and combinations of inputs for when total costs are

equal to 300 and 700.

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