Cobb- Douglas Production Function and Marginal Product of labour
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Question
Assume the Production Function for Whitewater Hamburgers is Q = 4L.50K.33. where Q is the quantity of hamburgers, L is the number of workers employed and K is number of grills. Fractional output is acceptable.
a) What is the quantity of hamburgers produced when the company employs 64 workers & 36 machines?
b) Continue to assume the input mix given above—what is the marginal product of labor? Note that K is fixed when we calculate the marginal product of Labor
Summary
This question belongs to micro economics and discusses about cobb- Douglas production function and marginal product of labour.
Total Word Count 17
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