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Fast Film, Inc

Question 44

Essay

Fast Film, Inc. has a production function as follows:
Q = .4K2 + .2KL + .3L2
where Q is the output rolls of film processed per week), K is the capital number of film developing hours), and L is labor number of labor hours employed). Assume a weekly rate of use where K = 40 film developing hours and L = 150 labor hours.
a. What is the total product per week?
b. At this level of production, what is the marginal product of labor?
c. At this level of production, what is the marginal product of capital?

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