Fast Film, Inc. Has A Production Function As Follows
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Fast Film, Inc. Has a production function as follows:
Q = 0,4K2+ 0,2KL + 0,3L2
Where,
Q = output (rolls of film produced per week)
K = capital (number of film developing hours)
L = labor (number of labor hours)
Assume a weekly rate of use, where K = 70 and L = 100
(A) What is the total product per week?
(B) At this level output what is the marginal product of labor?
(C) At this level of output what is the marginal product of capital?
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