When Cobb-Douglas production function Q(L,K) = 8 and L=100, K=100, Find the .
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1 markMicroeconomicsFactor markets and income distributionDerived demand and marginal revenue productModerateabout 2 min
JNU SSS 2021 Question 4: Factor markets and income distribution
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When Cobb-Douglas production function Q(L,K) = 8 L⁰·³ K⁰·⁷ and L=100, K=100, Find the P^L. (A) 2.4 (B) 3.4 (C) 5 (D) 6
Also written as: When Cobb-Douglas production function Q(L,K) = 8 L^(0.3) K^(0.7) and L=100, K=100, Find the P^L.
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What this question tests
This question is on Derived demand and marginal revenue product, part of Factor markets and income distribution in Microeconomics.
Why firms demand inputs: the value of what the last unit adds to output or revenue.
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