Solved: Prove that this production function exhibits diminishing, Basic Computer Science

+44 141 628 6080
[email protected]

Prove that this production function exhibits diminishing

Suppose that a firm's technology is given by the following production function:

f(k,L) = 6k^1/6*L^1/6

1. Prove that this production function exhibits diminishing marginal product in both and. This is not the same thing as decreasing returns to scale.

2. Prove that this production function exhibits decreasing returns to scale.

Suppose that the rental rate of capital is $10, the wage rate of labor is $10, and the price of output is $40.

3. What is the profit-maximizing quantity of capital and labor?

4. What is the profit-maximizing quantity of output?

5. What is the maximum profit for this firm?

View Complete Question

Solution Preview :

Prepared by a verified Expert

Basic Computer Science: Prove that this production function exhibits diminishing

Reference No:- TGS02819069

Now Priced at $25 (50% Discount)

Recommended (97%)

Rated (4.9/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

Describe some of your personality traits

Adler believed that your birth order determines, to a large extent, your personality. He stated that your traits reflect, somehow, how you have achieved

Outline a social issue that is important to you

Outline a social issue that is important to you. Describe why it is important to you, why it is important from a societal perspective and how you think

Review a social, behavioral, or cultural factor

Bearing in mind that there may be several, choose a social, behavioral, or cultural factor associated with your selected domestic violence

Provide reasons why working from a person centred

Provide five (5) reasons why working from a person centred, strengths-based positive framework, and providing positive lifestyle strategies can reduce

Discuss three ethical guidelines that are important

Identify and discuss three ethical guidelines that are important to consider when designing an 8-week group for adolescents who are referred

Identify a true statement about validity

Question: Identify a true statement about validity as applied to a test. Multiple choice question

Problem regarding the america youth and social media

Think about where you were the most and least engaged when reading a classmate's draft. Think about what captured your attention

Solution Preview :

Prepared by a verified Expert

Basic Computer Science: Prove that this production function exhibits diminishing

Reference No:- TGS02819069

Have a Question? (oR Write a Review)

Recent Questions Asked Basic Computer Science

Q : If you use a developed scorecard please be sure to cite the

Q : What is the cash flow from assets for each year of the

Q : How does technology improve patient outcomes and the

Q : If the bond pays a 4 annual coupon what is the likely

Q : Prove that this production function exhibits diminishing

Q : Is the demand for marcos elastic or inelastic did their

Q : An emerging leadership style called the transformational

Q : Suppose the number of firms you compete with recently

Q : Which type of traveler will bear the larger burden of the