Suppose that output Q is produced with the production function Q
= f(K,L), where K is the number of machines used, and L the number
of workers used. Assuming that the price of output p and the wage w
and rental rate of capital r are all constant, what would the profit
maximizing rules be for the hiring of L and K?
(b) What is the MRTSK,L for the following production function: Q =
10K4L2? Is this technology CRS, IRS...