What is the company -level production function

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Joe owns a coffee house and produces coffee drinks under the production function q = 5KL where q is the number of cups generated per hour, K is the number of coffee machines (capital), and L is the number of employees hired per hour (labor). What is the marginal product of labor? D) MP = 5K 86) Suppose there are ten identical manufacturing firms that produce computer chips with machinery (capital, K) and labor (L), and each firm has a production function of the form q = 10KL0.5. What is the industry-level production function? B) Q = 100KL0.5 87) You are currently using three printing presses and five employees to print 100 sales manuals per hour.

Reference no: EM1358367

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