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A more general form of the Cobb Douglas production function is q = f(L, K) = AL^aK^b where A, a,...

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A more general form of the Cobb Douglas production function is {eq}q = f(L, K) = AL^aK^b {/eq} where A, a, b > 0 are constants.

Use calculus to solve for the marginal product of capital (MPK).

Production Function :

Production Function depicts the relationship between the factors of production with the production output. The production function can help in determining the returns to scale of production. It also helps in ascertaining the level of output to be produced.

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Total Product, Average Product & Marginal Product in Economics

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Chapter 4 / Lesson 2
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In Economics, there are three factors involved in the theory of production: total product, average product, and marginal product. Explore this theory and learn how to maximize the efficiency of these production tools.


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