Business, 04.06.2020 14:04 esquiveljadyn8054

Suppose that a firm’s production function is given by Q = ( K1/3 + L1/3 ) a , here α is a given parameter.(a) Find the marginal product of capital and labor.(b) Find the average product of capital and labor.(c) Does this production function have increasing, constant or decreasing re- turns to scale? Explain.(d) Find the marginal rate of technical substitution (RTS)(e) Use your result in (d) to find the elasticity of substitution.(f) Suppose a = 3. Set up the cost minimization problem of the firm and solve for the conditional demand for K and L

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Suppose that a firm’s production function is given by Q = ( K1/3 + L1/3 ) a , here α is a given para...

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