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April 19, 2014

Homework Help: economics

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

The cost function for an enterprise has the following form:

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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