Post a New Question

Economics Help pls

posted by .

Suppose you are given the following production function:
,

where y is output and K is capital.

y= 60K + 20.3K2- K3


1.1 what is a production function, what is the real work application of such, and where would you source the data to develop a production of the type given above.
1.2 Derive the average product of capital and the marginal product of capital.
1.3 How would you distinguish the equation above from a constant elasticity production function, a Cobb-Douglas production function, and a Leontief production function?
1.4 Finally, derive the points K and Y in which the MP of capital is equal to the minimum (or maximum) point on the average production curve.

Answer This Question

First Name
School Subject
Your Answer

Related Questions

More Related Questions

Post a New Question