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Business, 20.11.2019 00:31 justyne2004

Joe owns a coffee house and produces coffee drinks under the production function q=k^2 l^3, where q is the number of cups generated per hour, k is the number of coffee machines (capital), and l is the number of employees hired per hour (labor). consider the following statements to answer this question: i - average product of labor is ap_l = k^2 l^2ii -marginal product of labor is mp_l=3k^2 l^2iii - marginal rate of technical substitution is mrts_l, k=2k/3la. i is true, ii and iii are false. b.ii is true, i and iii are false..c. i and ii are true, iii is false. d.ii and iii are true, i is false. e.i, ii and iii are true.

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Joe owns a coffee house and produces coffee drinks under the production function q=k^2 l^3, where q...
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