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Formulate the firms total revenue

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Reference no: EM131482318

Question: 1. If each input is paid the value of its marginal product, will this exhaust a firm's total revenue if the relevant production function is

(a) Q = 4K + 1.5L?

(b) Q = 8K0.4L0.3?

(c) Q = 3.5 K0.25 L0.35 R0.3?

2. If y = 40x0.4z0.3 and x = 5z0.25, find the total effect of a change in z on y.

Reference no: EM131482318

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