Production function and statistical derivation of APL and MPK

Question

David · Accepted Answer

Production Function 
Links inputs to amount of output. Assume we have two inputs: Labour (L) and Capital (K), 
and we use Q for output. Then we write, Q = F (L, K), where F ( ) is the production Function.  
We make a number of assumptions about this function. Examples: 
 (1) Q = L. K 
 (2) Q = L + K  
(3) Q = L
1/3. 
K 
1/3
  
(4) Q = L
1/2
.

Production function and statistical derivation of APL and MPK

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment