Question

1. (a) Suppose a firm has a production function x= [aL++bK4]' where 0<a<1,0<b<1.L and K are
labour and capital respectively. Find the marginal product of labour and marginal product of
capital and verify Euler's theorem.
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Answer 1

Answer:

The production function is a purely technical relationship between the quantity of a good produced (output) and inputs (resources) used. The inputs used for producing goods are called factors of production.

Production function may be written in the following form: Q = f (X1, X2, X3- - - - - - - - - - - - - - - - -Xn)

Where, Q is the output and X1 and X2 ----------------Xn are the quantity of various inputs used in the production of output

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