Determine the marginal product of labor and capital


A firm uses capital and labor to form the output according to the production function q= 100KL, where L is the number of units of labor used and K is the number of machines. Suppose the price of capital is $120 per day and the price of labor $30 per day. Determine the marginal product of labor and capital? Find the marginal rate of technical substitution. Calculate the slope of is cost line? Tangency condition? Determine the minimum cost of producing 1000 units of output?

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Macroeconomics: Determine the marginal product of labor and capital
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