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17. Find the marginal productivity of labor (L) and the marginal productivity of capital (K) from...

17. Find the marginal productivity of labor (L) and the marginal productivity of capital (K) from the production function below.
(1)Q=ROOT LK
(2)Q=L^(2/3) *K^(1/3)

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Homework Answers

Answer #1

1.

Differentiate Q wrt K we get

Similarly by differentiating Q wrt L we get

MPL = Q/2L

MPK = Q / 2K

2.

Differentiating wrt L, we get

Differentiate Q wrt L, we get

MPL = 2Q/3L

MPK = Q / 3K

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