Problem: Assume the Production Function for Hamburgers is Q = 4L^.50K.^33. where Q is the quantity of hamburgers, L is the number of workers employed and K is number of grills.
Q1. What is the quantity of hamburgers produced when the company employs 64 workers & 36 machines?
Q2. Continue to assume the input mix given above—what is the marginal product of labor? Note that K is fixed when we calculate the marginal product of Labor.
Q3. In one paragraph, interpret these numbers.
Q4. Does Hamburger production function display increasing, decreasing, or constant returns to scale? Would your answer change if the production function were to be Q = L^.66K^.50? If yes, what would it be (increasing, decreasing, or constant returns to scale)?