380 Quiz 8 key

380 Quiz 8 key - k =capital and l =labor, what is the...

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Quiz 8 Econ 380 Name____Key___________________ 1. For the production function q=f(l)= l where l is labor, what is the a. marginal product of labor? MP l .5 .5 q l l - = = b. average product of labor? AP l = .5 q l l l l - = = 2. For the production function 10 q kl = where
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Unformatted text preview: k =capital and l =labor, what is the marginal rate of technical substitution (think of labor on the horizontal axis) as a function of k and l ? RTS= .5 .5 .5 .5 / 10(.5) / 10(.5) q l l k k q k l l k-- = =...
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This note was uploaded on 04/07/2011 for the course ECON 380 taught by Professor Showalter,m during the Winter '08 term at BYU.

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