Given the production function q = 1.37LK, what is the marginal product of capital? A) 1.37 B) 0...
Question:
Given the production function q = 1.37LK, what is the marginal product of capital?
A) 1.37
B) 0
C) 1.37K
D) 1.37L
E) Cannot be determined with the information given.
Marginal Product of Capital:
The term Marginal Product of Capital can be abbreviated as MPk that measures the extra amount of output that a firm can receive by adding one additional unit of capital, keeping the other variable inputs constant.
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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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