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Q8 Suppose a firm producing computer screens has the following production function:

By December 6, 2021No Comments

Q8 Suppose a firm producing computer screens has the following production function:Q(L,K)=.5where Q is output,L is labour,K is capital,and a is a positive constant (0 a 1).)Find all first and second order partial derivatives and give a verbal descriptionfor each()Are the marginal products for labour (M PL)and capital (MP)increasing ordecreasing?Give reasons for your answers.Now assume that the firm produces 1600 computer screens,rearrange theequation so that K is the dependant variable(回)Now assume a=Evaluate MPL when Q=1600 and L=2,5,10Continue to assume a =Show that,for any output quantity,MP is smallerthan the average product of labour (APL).(0Still assuming a sketch the function K(L)found in part (c).

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