Answer to Question #326236 in Microeconomics for NBA

Question

A firm has the following short run function Q = 100 K1/2 L,1/2r = Rs 50, W = Rs

40, P = Rs 2 and C = Rs 1000, calculate:

a. Marginal productivities of both inputs. ( MPL& MPK)

b. Sketch expansion path of output.

c. Explore the equilibrium level of capital and labor.

Answer 1

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